The Financial Action Task Force has published the outcomes of its latest Plenary, held between 25th-27th October 2023.
The key developments include:
- The FATF granted full membership to Indonesia;
- Bulgaria has been added to the Grey List (list of jurisdictions under increased monitoring); and
- Albania, the Cayman Islands, Jordan, and Panama have been removed from the Grey list.
FATF will pursue strategic initiatives on:
- Improving Asset Recovery;
- Combating the Abuse of NPOs for Terrorist Financing;
- Crowdfunding for Terrorism Financing;
- Illicit Financial Flows from Cyber-Enabled Fraud;
- Misuse of Citizenship and Residency by Investment Programmes;
- Beneficial Ownership and Transparency.
Firms can view the published outcomes of the FATF Plenary to remain up-to-date on any developments which may affect their operations. https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-october-2023.html
All Plenitude Compass subscribers will have been notified of the impacts of these changes. Learn more about Compass, our Financial Crime Country Risk Assessment Tool: https://www.plenitudeconsulting.com/what-we-do/plenitude-compass/