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FATF's June Plenary and Its Key Outcomes

28 June 2024
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FATF's June Plenary and Its Key Outcomes

The FATF hosted its Plenary between 26-28 June.

Firms with UK operations should note changes made to the lists of high-risk jurisdictions subject to a call for action and the jurisdictions under increased monitoring. Following the removal of Schedule 3ZA from the Money Laundering Regulations 2017 (MLRs) in January, firms are reminded to consult the revised FATF list of jurisdictions for enhanced due diligence purposes.

FATF's Plenary produced the following key outcomes:

  • Approval of the revised criteria for prioritising countries for ICRG review process
  • The addition of Monaco and Venezuela to the list of jurisdictions subject to increased monitoring;
  • The removal of Jamaica and Türkiye from the list of jurisdictions subject to increased monitoring;
  • The adoption of Mutual Evaluation Reports for India and Kuwait;
  • The completed horizonal review of DNFBP Technical Compliance related to corruption, the findings of which are scheduled to be published in July;
  • An agreement to publish fifth annual update on progress by jurisdictions on implementing the FATF Standards on virtual assets and virtual asset service providers (VA/VASPs) in July; and
  • The continued revision of FATF Standards to reflect the evolution of cross-border payment systems, and changes to industry standards.

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