FATF PLENARY 19-21 OCTOBER – JORDAN, MALI AND TURKEY ADDED TO GREY LIST; BOTSWANA AND MAURITIUS REMOVED

On 21 October, FATF reported on the Plenary, a hybrid (i.e. part-virtual) event.  It is reported that delegates finalised work in a number of important areas, including –

  • updated guidance for a risk-based approach to virtual assets and virtual asset service providers (VASP);
  • a final report on survey results on implementation of the FATF Standards on cross-border payments; and
  • a report for government officials that focuses on the digital transformation of AML/CFT for operational agencies.

The Plenary also –

  • issued a statement on the evolving situation in Afghanistan; and
  • issued another on the risks associated with the financing of ISIL, Al-Qaeda and Affiliates. 

It also agreed (in the wake of the Pandora Papers, about which a statement was released) to release for consultation, the proposed revisions to FATF Recommendation 24 on beneficial ownership of legal persons to ensure greater transparency about the beneficial ownership of legal persons, and take action to mitigate the risks.  A draft of a proposed amended Recommendation 24 and its Interpretative Note are available.

The Plenary agreed to add several indicative examples of environmental crimes to the FATF Glossary to clarify for countries the types of offences that could fall within this category, depending on their risk and context. This, it is said, will help authorities follow the money and stop the criminal networks behind illegal waste trafficking, logging, and other crimes.

Jordan, Mali and Turkey were added to the FATF Grey List (Jurisdictions under Increased Monitoring, while Botswana and Mauritius have been removed.

The list of “High Risk Jurisdictions” remains unchanged – North Korea and Iran.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2021.html

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.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

%d bloggers like this: