On 17 June, a news release from FATF detailed the outcome of the Plenary held during the week in Berlin.  FATF expressed its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of life caused by the ongoing Russian invasion of Ukraine.  As a result of the invasion, FATF agreed to severely limit the Russian Federation’s role and influence within the FATF.  FATF also –

  • approved a report that will help the real estate sector to better detect and prevent money laundering;
  • finalised a targeted update on implementation of the FATF requirements on virtual assets and virtual asset service providers (VASP);
  • finalised a report that shares good practices and recommendations for combating money laundering and terrorist financing by sharing information while adhering to data protection and privacy;
  • agreed to start new work that includes a project on countering the laundering of proceeds from ransomware attacks;
  • agreed an update to the FATF best practices paper on combating the abuse of NPO;
  • agreed to undertake new projects on the misuse of citizenship and residency by investment schemes, guidance for assessors on how to assess implementation of the UN Convention Against Corruption, and a horizontal review on how the non-financial sector facilitates corruption;
  • considered Mutual Evaluation Reports on Germany and the Netherlands;
  • added Gibraltar to jurisdictions subject to increased monitoring, but removed Malta;
  • made no changes to the list of high-risk jurisdictions


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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