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The Financial Action Task Force (FATF) Plenary meeting took place last week in Paris and delegates from more than 200 jurisdictions participated in the discussions.
The primary outcomes were:
Russia was barred from participating in current and future FATF projects and meetings of the FATF-Style Regional Bodies and a FATF member.
Members agreed to release for public consultation draft guidance on beneficial ownership requirements aiming to assist countries and the private sector prevent the misuse of legal persons for money laundering.
FATF approved releasing a public consultation document on proposed revisions of transparency of beneficial ownership of legal arrangements by February 2023.
Additionally, the FATF approved a report on the illicit proceeds generated from the supply chains for fentanyl and related synthetic opioids which will include risk indicators that can help identify suspicious activity.
The FATF discussed a report on money laundering through arts, antiquities, and other cultural objects which will be finalized by February 2023.
New additions in the “jurisdictions under increased monitoring list” (grey list):
Democratic Republic of Congo (DRC)
Mozambique
Tanzania
Removed from the list:
Nicaragua
Pakistan
New addition in the “high-risk jurisdictions subject to a call for action” (blacklist):
Myanmar
Other strategic initiatives:
The FATF recognized that less than 1% of criminal proceeds is recovered and agreed on the importance of a robust legal framework to pursue asset recovery.
This FATF will continue to work with INTERPOL, the Egmont Group, UNODC the World Bank, and other partners to promote effective asset recovery action.
See FATF official announcement here
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