Round up of FATF Plenary from 19-21 October 2021
Outcomes FATF Plenary, 19-21 October 2021
Delegates representing the 206 members of the Global Network and observer organisations, such as the IMF, the United Nations and the World Bank met for three days of meetings. After five completely virtual Plenary events due to the COVID-19 pandemic, this Plenary meeting took place in a hybrid format, allowing the limited number of delegates who could travel to meet face-to-face, while the remaining delegations connected virtually. Around the world, many countries are re-opening and focusing on rebuilding economies that have strained under the pressure of this unprecedented health crisis… Read in full here: https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-october-2021.html
FATF Public Statement on the Situation in Afghanistan
In light of recent events in Afghanistan, the FATF, as the global standard setting body for anti-money laundering and counter-terrorist financing, expresses its concern about the current and evolving money laundering and terrorist financing risk environment in the country.
The FATF affirms recent UN Security Council Resolutions on the situation in Afghanistan. In particular, UNSCR 2593 (2021) demands that Afghan territory not be used to threaten or attack any country or to shelter or train terrorists, or to plan or to finance terrorist acts… Read in full here: https://www.fatf-gafi.org/publications/fatfgeneral/documents/afghanistan-2021.html
FATF Public Statement on the Financing of ISIL, Al Qaeda and Affiliates
The threat of terrorism remains serious in many regions of the world. The FATF notes with grave concern a series of terrorist attacks recently in Afghanistan, Iraq and many other regions, including Africa and South Asia. These attacks, either claimed by ISIL (Da’esh) and its affiliated groups, or conducted by lone attackers inspired by them, have killed or injured hundreds, many of them innocent civilians. Meanwhile, Al Qaeda and other terrorist organisations continue to pose a serious threat to international stability, security and peace.
The territorial defeat of ISIL in 2019 has significantly impacted its ability to generate revenue. However, the group is still able to raise and receive funds, through legal and illegal sources, and maintains roughly USD 25-50 million in reserves… Read in full here: https://www.fatf-gafi.org/publications/fatfgeneral/documents/statement-isil-al-qaeda.html
Revisions to Recommendation 24 and its Interpretive Note – Public Consultation
The Financial Action Task Force (FATF) is considering proposals for amendments to Recommendation 24 and its Interpretive Note on the transparency and beneficial ownership of legal persons. Following a White Paper consultation in June-August 2021 on a number of key policy areas, the FATF has analysed the views received from various stakeholders in considering the potential amendments. These amendments seek to reinforce the Recommendation to ensure greater transparency about the beneficial ownership of legal persons, and take action to mitigate the risks… Read in full here: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-r24.html and see the draft text of proposals for amendments here: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/Pdf-file_R24-Beneficial-Ownership-Public-Consultation.pdf
Cross Border Payments – Survey Results on Implementation of the FATF Standards
Faster, cheaper, more transparent, and more inclusive cross-border payment services, that are safe and secure can facilitate economic growth, international trade, global development and financial inclusion.
Enhancing cross-border payments is a key priority of the G20. In October 2020, G20 Finance Ministers and Central Bank Governors endorsed the Roadmap for Enhancing Cross-border Payments, which comprises 19 Building Blocks… Read in full here: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/cross-border-payments.html and see survey here: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/Cross-Border-Payments-Survey-Results.pdf
