On 25 February, FATF issued a news release detailing the outcomes of the FATF Plenary held 22, 24 and 25 February.  The work finalised included guidance to help countries take an effective, risk-based approach to supervision, guidance on investigating and prosecuting terrorist financing and work on illicit arms trafficking and terrorist financing.  Delegates also agreed to release for public consultation a draft guidance to assist countries, financial institutions and DNFBP in identifying, assessing and mitigating the risks of the financing of the proliferation of WMD, and updated guidance on virtual assets and virtual asset service providers (VASP).  It also advanced work on various other issues, including digitalisation, which has the potential to make AML/CFT action more effective and efficient.  In particular, it agreed to start new work on digital transformation of AML/CFT for operational agencies.  FATF also continued discussions on the strategic review, which will shape the next round of mutual evaluations and make them more timely and risk-based.  Delegates explored potential amendments to further strengthen the FATF requirements on beneficial ownership. Delegates discussed how to improve transparency and ensure that up-to-date beneficial ownership information is available to authorities.  FATF also discussed the preliminary findings in its ongoing work to overcoming the challenges linked to the effective recovery of criminals’ assets, tackle money laundering from environmental crimes and the financing of ethnically and racially motivated terrorism.

FATF approved the mutual evaluation report on New Zealand, and also considered the effect of Covid-19 on the mutual evaluation process.

Burkina Faso, the Cayman Islands, Morocco and Senegal were made subject to increased monitoring – the full list and notes on each jurisdiction, can be accessed at –


Only Iran and North Korea remain on the FATF high-risk list, see –



I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, 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

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