The Financial Action Task Force (“FATF”) held a Plenary session between 21st-23rd June.
Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in discussions on global responses to fighting against money laundering and the financing of terrorism and proliferation.
The key outcomes from the Plenary were:
- FATF’s adoption of the Mutual Evaluation Report of Luxembourg;
- The addition of Cameroon, Croatia, and Vietnam to the list of high-risk and other monitored jurisdictions under increased monitoring;
- Updates on the forthcoming 5th round of Mutual Evaluation Reports;
- Publication of a targeted update on the implementation of the FATF Standards on Virtual Assets/VASPs;
- Updates on FATF’s forthcoming strategic initiatives, including work on asset recovery, combating corruption, and the unintended consequences of the incorrect implementation of the FATF standards.
Firms should take note of the Plenary’s key conclusions and their impacts.