On 23 October, FATF published a series of documents following the FATF Plenary of 21-23 October –
FATF RECOMMEDATIONS UPDATED
Revision of Recommendation 2 and a new Interpretive Note to Recommendation 2.
JURISDICTIONS UNDER INCREASED MONITORING
FATF continues to identify additional jurisdictions, on an on-going basis, that have strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. A number of jurisdictions have not yet been reviewed by the FATF and FATF-style regional bodies.
PUBLIC STATEMENT ON COUNTER PROLIFERATION FINANCING
FATF has adopted amendments to Recommendations 1 and 2 and their Interpretive Notes that require countries and the private sector to identify, and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions related to proliferation financing, as contained in FATF Recommendation 7, and to take action to mitigate these risks, as well as to enhance domestic co-ordination.
HIGH-RISK JURISDICTIONS SUBJECT TO A CALL FOR ACTION
The list of high-risk jurisdictions has not changed since February, i.e. North Korea and Iran.
THE IMPORTANCE OF ALLOCATING SUFFICIENT RESOURCES TO AML/CFT REGIMES DURING THE COVID-19 PANDEMIC
Statement by the FATF President.
FATF PRESIDENT’S REMARKS TO G20 ANTI-CORRUPTION MINISTERIAL
The FATF President calls for an investment in law enforcement,to plug the holes in the availability of beneficial ownership information, and an increase our oversight of the non-financial sectors, thegatekeepers to the financial system – such as lawyers, accountants and company service providers – need to be inside the regulatory tent.
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