The FATF has updated its Recommendation and Best Practice Guidance on Non-Profit Organisations (NPOs).
Firms in the sector should view the updated Recommendation and guidance and take any appropriate action to guard against terrorist financing abuse.
Updates have been made to Recommendation 8 which seek to strengthen the protection of NPOs from potential TF through the implementation of risk-based measures.
The accompanying best practices paper on combating the terrorist financing abuse of NPOs has been updated to reflect the changes to Recommendation 8.