OUTCOMES OF FATF PLENARY

On 23 October, FATF published a series of documents following the FATF Plenary of 21-23 October –

http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2020.html

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.

http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-october-2020.html

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.

http://www.fatf-gafi.org/publications/financingofproliferation/documents/statement-proliferation-financing-2020.html

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.

http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-october-2020.html

THE IMPORTANCE OF ALLOCATING SUFFICIENT RESOURCES TO AML/CFT REGIMES DURING THE COVID-19 PANDEMIC

Statement by the FATF President.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/covid-19-impact-oct-2020.html

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.

http://www.fatf-gafi.org/publications/corruption/documents/g20-anti-corruption-2020.html

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s