Paris, 23 February 2024 - The fifth Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded today. Delegates from the FATF’s Global Network of over 200 jurisdictions and observers from international organisations participated in three days of discussions on key money laundering, terrorism financing and proliferation financing issues at the FATF headquarters in Paris. Among the key outcomes of the Plenary is a new risk-based guidance for the implementation of Recommendation 25 on the beneficial ownership and transparency of legal arrangements. This completes the FATF’s body of work to enhance transparency of beneficial ownership globally and prevent criminals and terrorists from hiding their activities and funds behind complex corporate structures and legal arrangements such as trusts. The FATF will continue its outreach to ensure effective implementation of the revised Standards. The Plenary also agreed to release for public consultation, a range of options for potential changes to Recommendation 16 and its Interpretive Note on wire transfers. The proposed revisions seek to adapt FATF Standards to the changes in payment systems' business models and messaging standards and ensure that they remain technology-neutral. In preparation for the next round of mutual evaluations, the Plenary finalised modifications to its assessment methodology to reflect the recent revisions to the FATF Standards to protect non-profit organisations from potential abuse for terrorist financing. The FATF identified jurisdictions with materially important virtual asset activity, to support them in implementing the FATF’s requirements to supervise and regulate this activity. The FATF updated the statements identifying high-risk and other monitored jurisdictions and removed four countries from its increased monitoring list following successful on-site visits. The Plenary agreed on the appointment of a new President of the FATF (2024-2026). Compliance with the FATF Standards High-risk and other monitored jurisdictions Jurisdictions under Increased Monitoring Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring.
Jurisdictions under Increased Monitoring - 23 February 2024
Jurisdictions no Longer under Increased Monitoring - Barbados, Gibraltar, Uganda and the United Arab Emirates The FATF plenary congratulated Barbados, Gibraltar, Uganda and the United Arab Emirates for their significant progress in addressing the strategic AML/CFT deficiencies previously identified during their mutual evaluations. These jurisdictions had committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes. These countries will no longer be subject to the FATF’s increased monitoring process.