The Financial Action Task Force (FATF) has published its Annual Report for 2022-23, setting forth its achievements in delivering on its mandate and strategic priorities.

Details of the FATF’s achievements is presented in areas including:

  • Asset Recovery: The progress made to provide countries with a more robust toolkit to target and confiscate criminal assets, including by joining forces with INTERPOL in a strategic partnership through the FATF-INTERPOL Roundtable Engagement to focus on the strategic and operational changes necessary to take the profit out of crime;
  • Virtual Assets: The development of a roadmap to identify countries with materially important virtual asset activity to close the gaps in the global regulation of virtual assets;
  • Transparency and beneficial ownership: Updated guidance to help countries implement the recently revised requirements on beneficial ownership of legal persons and a strengthened FATF Standard on beneficial ownership of trusts and other legal arrangements;
  • Methods and Trends: The publication of reports on countering ransomware financing, ML/TF in the art and antiquities market, and the illicit proceeds generated from the fentanyl and related synthetic opioids supply chains;
  • Mutual Evaluations: The publication of the MERs of Germany, Indonesia, the Netherlands and Qatar;
  • Application of Standards: Enhanced standards to prevent the application of disproportionate measures on non-profit organisations; and
  • Global Network: Enhanced partnerships with FATF regional partners, the FATF-Style Regional Bodies.

Firms can review the FATF Annual Report to gain further insights into the work and objectives of the global body.

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