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Key Takeaways from FATF Plenary

24 February 2023
professional standing in front of piechart with FATF written in center

Key Takeaways from FATF Plenary

The FATF Plenary was held in Paris from 22-24 February 2023.

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

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
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