FATF updates after plenary session

FATF has held its plenary meeting. Key issues discussed included:

  • work on improving transparency and beneficial ownership: FATF and the Egmont Group are looking at mechanisms used to hide beneficial ownership with a view to assessing how to overcome the challenges of determining it;
  • impact of work on de-risking;
  • updating of list of jurisdictions with AML deficiencies: FATF continues to call for counter-measures in relation to North Korea, and for members to apply enhanced due diligence in relation to Iran, until Iran has met the aims of its action plan to address its AML/CFT deficiencies. Other jurisdictions with identified strategic deficiencies are Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu and Yemen; and
  • holding a Fintech and Regtech roundtable, which discussed how FATF plans to develop a partnership with the Fintech and Regtech community to help FATF be more proactive in developing standards appropriate to new technologies as they evolve.

Emma Radmore