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  • Writer's pictureAnna Stylianou

FATF plenary meeting outcomes October 2023 - What to expect


Delegates from the FATFโ€™s Global Network (of over 200 jurisdictions) and observers from international organisations participated in these discussions.




๐—ฅ๐—ฒ๐—ฝ๐—ผ๐—ฟ๐˜๐˜€ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐—ฝ๐˜‚๐—ฏ๐—น๐—ถ๐˜€๐—ต๐—ฒ๐—ฑ ๐—ถ๐—ป ๐—ก๐—ผ๐˜ƒ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐Ÿฎ๐Ÿฌ๐Ÿฎ๐Ÿฏ:


๐Ÿ‘‰ Updated Recommendations which will require countries to have policies and operational frameworks that prioritise asset recovery and establish non-conviction-based confiscation regimes in their legal systems.


๐Ÿ‘‰ A report which includes recommendations aimed at strengthening the FATF Global Networkโ€™s collaboration with the Asset Recovery Networks (ARINs) to enable investigators and prosecutors to effectively โ€˜follow the moneyโ€™ across borders and recover assets.


๐Ÿ‘‰ An Updated โ€œBest Practices Paper on Combating the Abuse of Non-Profit Organisations for Terrorist Financingโ€.


๐Ÿ‘‰ Revisions to FATF Recommendation 8 to clarify measures that apply on non-profit organizations.


๐Ÿ‘‰ A key report on โ€œCrowdfunding for Terrorism Financingโ€


๐Ÿ‘‰ A report on Illicit Financial Flows from Cyber-Enabled Fraud.


๐Ÿ‘‰ A report on Misuse of Citizenship and Residency by Investment Programmes.


๐Ÿ‘‰ Amendments to the Methodology for the next round of mutual evaluations for the effective implementation of the recent beneficial ownership and transparency requirements.


๐—ช๐—ต๐—ฎ๐˜ ๐—ฒ๐—น๐˜€๐—ฒ ๐˜„๐—ฒ ๐—ฐ๐—ฎ๐—ป ๐—ฒ๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜ ๐—ณ๐—ฟ๐—ผ๐—บ ๐˜๐—ต๐—ฒ ๐—™๐—”๐—ง๐—™ ๐—ฏ๐—ฎ๐˜€๐—ฒ๐—ฑ ๐—ผ๐—ป ๐˜๐—ต๐—ฒ ๐—ฝ๐—น๐—ฒ๐—ป๐—ฎ๐—ฟ๐˜† ๐—บ๐—ฒ๐—ฒ๐˜๐—ถ๐—ป๐—ดโ€™๐˜€ ๐—ฑ๐—ฒ๐—ฐ๐—ถ๐˜€๐—ถ๐—ผ๐—ป๐˜€ (unknown dates):


โœ… The FATF to scope work on countriesโ€™ criminalization of terrorism financing (Recommendation 5).


โœ… To release for public consultation the updated FATF Risk-Based Guidance on Recommendation 25 on Beneficial Ownership and Transparency of Legal Arrangements.


โœ… A comprehensive set of procedures that all relevant assessment bodies, including all FATF-Style Regional Bodies (FSRBs), will use to assess countriesโ€™ compliance with the FATF Standards in the next round of mutual evaluations.


๐—ข๐˜๐—ต๐—ฒ๐—ฟ ๐—ฑ๐—ฒ๐—ฐ๐—ถ๐˜€๐—ถ๐—ผ๐—ป๐˜€/๐—ฑ๐—ถ๐˜€๐—ฐ๐˜‚๐˜€๐˜€๐—ถ๐—ผ๐—ป๐˜€:


๐Ÿ“Œ The FATF welcomed Indonesia as its 40th member.


๐Ÿ“Œ Discussed the joint FATF-GAFILAT assessment of Brazil.


๐Ÿ“Œ The suspension of the membership of the Russian Federation continues to stand.


๐Ÿ“Œ Addition of Bulgaria to the grey list


๐Ÿ“Œ Removal of Albania, Cayman Islands, Jordan, and Panama from the grey list


๐Ÿ“Œ No changes in the black list.

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