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  • Writer's pictureAnna Stylianou

Outcomes of the FATF Plenary meeting 21-23 June 2023

Updated: Jul 13, 2023

The FATF plenary meeting took place in Paris between 21-23 June 2023 with delegates from over 200 jurisdictions from the Global Network and observers from international organizations.

The following topics were discussed:

๐Ÿ”Ž ๐— ๐˜‚๐˜๐˜‚๐—ฎ๐—น ๐—˜๐˜ƒ๐—ฎ๐—น๐˜‚๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ผ๐—ณ ๐—Ÿ๐˜‚๐˜…๐—ฒ๐—บ๐—ฏ๐˜‚๐—ฟ๐—ด:

โœ”๏ธ Luxemburg, as a regional and international financial centre has a high level of technical compliance with the FATF recommendations. Its AML/CFT regime is delivering good results.

โœ”๏ธ Luxemburg has a good understanding of the ML/TF risk it faces.

โœ”๏ธ The country has achieved robust domestic co-operation and co-ordination in the use of financial intelligence, access to beneficial ownership information and co-operation with its international partners.

๐˜ˆ๐˜ณ๐˜ฆ๐˜ข๐˜ด ๐˜ง๐˜ฐ๐˜ณ ๐˜ช๐˜ฎ๐˜ฑ๐˜ณ๐˜ฐ๐˜ท๐˜ฆ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต: Detection investigation and prosecution of more complex money laundering cases, risk-based supervision of its non-financial sector, develop its understanding of terrorist financing and apply proportionate and dissuasive sanctions for non-compliance to the financial and non-financial sectors.

๐ŸŒ ๐—›๐—ถ๐—ด๐—ต-๐—ฟ๐—ถ๐˜€๐—ธ ๐—ฎ๐—ป๐—ฑ ๐—ผ๐˜๐—ต๐—ฒ๐—ฟ ๐—บ๐—ผ๐—ป๐—ถ๐˜๐—ผ๐—ฟ๐—ฒ๐—ฑ ๐—ท๐˜‚๐—ฟ๐—ถ๐˜€๐—ฑ๐—ถ๐—ฐ๐˜๐—ถ๐—ผ๐—ป๐˜€

Additions to the grey-list:

๐Ÿ“ Cameroon

๐Ÿ“ Croatia

๐Ÿ“ Vietnam

No addition to the black-list.

โ‚ฟ ๐—ง๐—ฎ๐—ฟ๐—ด๐—ฒ๐˜๐—ฒ๐—ฑ ๐—จ๐—ฝ๐—ฑ๐—ฎ๐˜๐—ฒ ๐—ผ๐—ป ๐˜๐—ต๐—ฒ ๐—ถ๐—บ๐—ฝ๐—น๐—ฒ๐—บ๐—ฒ๐—ป๐˜๐—ฎ๐˜๐—ถ๐—ผ๐—ป ๐—ผ๐—ณ ๐˜๐—ต๐—ฒ ๐˜€๐˜๐—ฎ๐—ป๐—ฑ๐—ฎ๐—ฟ๐—ฑ๐˜€ ๐—ผ๐—ป ๐—ฉ๐—ถ๐—ฟ๐˜๐˜‚๐—ฎ๐—น ๐—”๐˜€๐˜€๐—ฒ๐˜๐˜€

Global implementation of the standards is considered poor. โคต๏ธ Almost ยพ of jurisdictions are partially compliant or non-compliant with the standards.

Many jurisdictions have not implemented fundamental requirements, and more than half have not implemented the Travel Rule. Lack of regulation creates loopholes for exploitation of the sector by criminals.

๐Ÿ‘ฎโ€โ™‚๏ธ ๐—™๐—”๐—ง๐—™ ๐—”๐˜€๐˜€๐—ฒ๐˜ ๐—ฅ๐—ฒ๐—ฐ๐—ผ๐˜ƒ๐—ฒ๐—ฟ๐˜†

The FATF aims to provide a new suite of tools which countries should use to effectively freeze, seize, and confiscate criminal property, both domestically and through international cooperation.

๐Ÿ’ผ ๐—™๐—”๐—ง๐—™ ๐—ช๐—ผ๐—ฟ๐—ธ ๐˜๐—ผ ๐—–๐—ผ๐—บ๐—ฏ๐—ฎ๐˜ ๐—–๐—ผ๐—ฟ๐—ฟ๐˜‚๐—ฝ๐˜๐—ถ๐—ผ๐—ป

The Plenary adopted an internal tool to combat corruption. The FATF members also discussed the progress performed on the misuse of citizenship and residency by investment schemes.

๐Ÿด ๐—ก๐—ผ๐—ป-๐—ฃ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜ ๐—ข๐—ฟ๐—ด๐—ฎ๐—ป๐—ถ๐˜‡๐—ฎ๐˜๐—ถ๐—ผ๐—ป๐˜€ (๐—ก๐—ฃ๐—ข๐˜€)

The FATF is working on potential revisions to the Recommendation 8 aiming to protect NPOs from abuse for terrorist financing without disrupting or discouraging legitimate NPO activities.

The FATF will release a document on the above for public consultation.

See official announcement here

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