OUTCOMES OF THE FATF PLENARY, 2-4 MARCH

On 4 March, FATF issued a news release saying that during or following the Plenary it had –

  • Issued a statement on the war in Ukraine;

https://www.fatf-gafi.org/publications/fatfgeneral/documents/ukraine-2022.html

  • approved key work that will prepare for the next round of mutual evaluations – having completed the strategic review begun in 2019 and aimed to streamline the FATF’s processes to make the next round of mutual evaluations more targeted, timely and effective;
  •  finalised and approved the FATF Methodology to assess countries’ actions to combat money laundering and the financing of terrorism and proliferation, and the FATF Procedures for the fifth round of mutual evaluations (which will have a greater focus on risk and context to ensure that countries prioritise their efforts in areas where the risks are highest, and a stronger focus on DNFBP);
  • finalised an update to Recommendation 24, to improve transparency of beneficial ownership of legal persons;

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/r24-statement-march-2022.html

  • agreed to begin work on enhancing asset recovery by strengthening collaboration between the FATF and FATF-style regional bodies (FSRB), such as MONEYVAL, and the Asset Recovery Networks;
  • agreed to further consider strengthening Recommendations 4 and 38 on the domestic and cross-border frameworks;
  • started new work on the proceeds of the trafficking of fentanyl and other synthetic opioids
  • agreed on the appointment of a new President of FATF for 2022-2024 – Mr. T. Raja Kumar of Singapore;
  • approved the Mutual Evaluation Report on France;
  • added UAE to the jurisdictions subject to increased monitoring and removed Zimbabwe;

https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html

  • left the list of high-risk jurisdictions unchanged;

https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/call-for-action-march-2022.html

  • announced it had completed research on the money laundering and terrorist financing risks associated with migrant smuggling, with a report due on 22 March;
  • published draft guidance on the risk-based implementation of AML/CFT measures in the real estate sector; and

https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-real-estate.html

  • announced that it had completed its work to identify and analyse unintended consequences of the FATF Recommendations, with a focus on proactive steps to prevent AML/CFT measures leading to, in particular, de-risking, financial exclusion and undue targeting of NPO.

https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-march-2022.html

https://home.treasury.gov/news/press-releases/jy0633

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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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