OUTCOMES OF FATF PLENARY OF 20-21 OCTOBER

On 21 October, FATF reported that the outcomes included –

• reiterating that all jurisdictions should be vigilant to emerging risks from the circumvention of measures taken against Russia in order to protect the international financial system;
• agreeing to release, for public consultation, draft guidance on Recommendation 24 to help countries and the private sector implement FATF’s strengthened requirements on beneficial ownership to prevent criminals from hiding illicit activity behind opaque corporate structures;
• approved the release of a public consultation document on proposed revisions to Recommendation 25 on transparency and beneficial ownership of legal arrangements;
• approved a report on the illicit proceeds generated from the supply chains for fentanyl and related synthetic opioids;
• discussed a report on money laundering through arts, antiquities and other cultural objects, which will be finalised by February 2023;
• delegations were updated on other ongoing work, including a project on countering the laundering of proceeds from ransomware attacks; to update to the FATF best practices paper on combating the abuse of non-profit organisations; projects and activities to implement the March 2022 Strategic Vision for the Global Network of 206 jurisdictions that have jointly agreed to strengthen their regimes to tackle money laundering, terrorist and proliferation financing;
• delegates were updated on the ongoing projects to strengthen the FATF’s Standards on asset recovery,) and to enhance the asset recovery inter-agency networks such as ARINs/CARIN;
• new jurisdictions subject to increased monitoring (“grey list”) are the Democratic Republic of Congo (DRC), Mozambique and Tanzania;
• Nicaragua and Pakistan have been removed from the grey list – however, FATF is strongly concerned by the potential misapplication of the FATF Standards resulting in the suppression of Nicaragua’s non-profit sector, and Pakistan will continue to work with APG to further improve its AML/CFT system;
• Myanmar has been added to the list of high-risk jurisdictions;

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

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

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

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