Round up of FATF Plenary from 2-4 March 2022
Outcomes FATF Plenary, 2-4 March 2022
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 four days of meetings. The event took place in a hybrid form with the majority of participants able to travel to meet in person in Paris due to gradual easing of COVID-19 related restrictions in many countries.
FATF Members discussed the tragic developments and the loss of life in Ukraine and issued a statement that expresses FATF’s grave concern about the invasion’s impact on the money laundering, terrorist financing and proliferation financing risk environment as well as the integrity of the financial system, the broader economy and safety and security… Read in full here: https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-march-2022.html
FATF Public Statement on the Situation in Ukraine
The FATF expresses deep sorrow due to the loss of people’s lives in connection with the tragic developments in Ukraine.
At the heart of the work of the FATF are the principles of international cooperation, dialogue and mutual respect among countries. In light of the Russian Federation’s military invasion of Ukraine, the FATF, as the global standard setting body for combating money laundering, terrorist financing and proliferation financing, expresses its grave concern about the invasion’s impact on the money laundering, terrorist financing and proliferation financing risk environment as well as the integrity of the financial system, the broader economy and safety and security… Read in full here: https://www.fatf-gafi.org/publications/fatfgeneral/documents/ukraine-2022.html
Jurisdictions under Increased Monitoring – March 2022
Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring. This list is often externally referred to as the “grey list”… Read in full here: https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-march-2022.html
Public Statement on revisions to R.24
The Financial Action Task Force today adopted amendments to Recommendation 24 and its Interpretive Note which require countries to prevent the misuse of legal persons for money laundering or terrorist financing and to ensure that there is adequate, accurate and up-to-date information on the beneficial ownership and control of legal persons.
These amendments represent the outcomes of the two years of work in reviewing the standards. They strengthen the international standards on beneficial ownership of legal persons, to ensure greater transparency about the ultimate ownership and control of legal persons and to mitigate the risks of their misuse. This will significantly strengthen the requirements for beneficial ownership transparency globally, while retaining a degree of flexibility for individual countries to go further in refining individual regimes… Read in full here: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/r24-statement-march-2022.html
Public Consultation on the FATF Risk-Based Guidance to the Real Estate Sector
The Financial Action Task Force (FATF) is considering proposals for the update of the FATF Risk Based Guidance to the Real Estate Sector.
In June 2021, the FATF Plenary agreed to review the guidance and set out a Project Team of FATF delegations and private sector representatives to consider the necessary changes and gather relevant information.
The Guidance paper proposed for public consultation reflects the work and discussion of the Project Team, as well as members’ input of relevant case studies and data on the real estate sector’s AML/CFT supervision and practice.
The FATF is consulting all interested stakeholders in advance of finalising the Guidance… Read in full here: https://www.fatf-gafi.org/publications/fatfrecommendations/documents/public-consultation-guidance-real-estate.html
