The FATF Plenary was held in Paris from 22-24 February 2023. The plenary discussed and agreed the following:

  • Suspension of Russia’s membership of  FATF, following its invasion of Ukraine
  • Assessments of Indonesia and Qatar – final reports to be issued in May
  • South Africa and Nigeria have been added as jurisdictions to the ‘grey list’ for increased monitoring as a result of strategic deficiencies in their financial crime regimes
  • Morocco and Cambodia have been removed from the ‘grey list’
  • Guidance on beneficial ownership (Recommendation 24) regarding transparency and beneficial ownership of legal arrangements to be published in March 2023
  • Prioritisation Guidance accompanying Recommendation 24 on transparency and beneficial ownership of legal persons has been approved
  • A roadmap to strengthen implementation of FATF standards on virtual assets has been agreed in preparation for a report in 2024
  • FATF report on disrupting financial flows regarding ransomware will be published in March 2023
  • Issuance of a report exploring the link between money laundering and art/antiquities
  • New projects focusing on ML/TF regarding cyber-enabled fraud, and on crowdfunding for terrorist financing will be undertaken

Firms should take note of the plenary’s key conclusions and their impacts.

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