FATF PLENARY OUTCOMES

On 25 June, FATF released details of the outcomes of the Plenary held from 21 June. It is said to have –

  • Finalised a report that details the financial flows linked to environmental crime and a report on the financing of ethnically or racially motivated terrorism;
  • Completed a second 12-month review of the progress within the FATF Global Network on implementing the FATF revised Standards on virtual assets and virtual asset service providers (VASP);
  • Finalised 2 reports as part of its project to explore the challenges and opportunities of technological innovation to make anti-money laundering and counter terrorist financing efforts more effective;
  • Finalised a report for government authorities that identifies concrete actions to improve asset recovery outcomes, which will help increase assets returned to the victims of crime and remove the drivers for criminal activity;
  • Agreed to release a white paper for public consultation on the transparency and beneficial ownership of legal persons to strengthen measures that will prevent criminals from hiding illicit activity and proceeds, a global priority;
  • Discussed the joint FATF/ESAAG assessment of South Africa’s measures to combat money laundering and terrorist financing – to be published in August, after a quality and consistency review;
  • Discussed the joint FATF/APG assessment of Japan’s measures to combat money laundering and terrorist financing – to be published in August, after a quality and consistency review;
  • New jurisdictions were made subject to increased monitoring: Haiti, Malta, Philippines and South Sudan;
  • Ghana is no longer under increased monitoring;

https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-june-2021.html

REVISED LIST OF JURISDICTIONS SUBJECT TO INCREASED MONITORING

https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-june-2021.html

HIGH-RISK JURISDICTIONS SUBJECT TO A CALL FOR ACTION

Unchanged from February 20202, the list comprises Iran and North Korea.

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

FATF KEEPS PAKISTAN ON GREY LIST

On 25 June, the News International reported that FATF has decided to keep Pakistan on its grey list while acknowledging that the country has fully implemented 26 out of 27 points of its action plan.

https://tribune.com.pk/story/2307230/fatf-keeps-pakistan-on-grey-list

FATF HIGHLIGHTS THE 3 ACTION POINTS MALTA NEEDS TO FULFIL TO MOVE OFF GREY LIST

On 25 June, the Malta Independent reported that the issues involved placing an increased focus on criminal tax-related issues and money laundering issues, and more support from the FIAU to authorities in such cases.  Furthermore, the action plan also consists of Malta having accurate and up-to-date Beneficial Owner databases, especially on previously anonymous shell companies.  It was also said that there remained serious weaknesses in areas which must be addressed, and there was a need for systems strong enough to address money laundering, terrorist financing, and organised crime.  Authorities must not downplay the importance of these measures, it was said.

https://www.independent.com.mt/articles/2021-06-25/local-news/FATF-highlights-the-three-action-points-Malta-needs-to-fulfill-to-move-off-grey-list-6736234688

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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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