FATF holds plenary

At FATF’s latest plenary meeting, in Paris, the US presidency discussed:

  • streamlining FATF;
  • strategic initiatives, such as further statements on monitoring of terrorist funds, amendments to FATF Recommendations to address regulation of virtual assets and future work on proliferation financing;
  • peer reviews and review of jurisdictions with strategic deficiencies. The UK report is expected to be published before the end of the year.  The list of high risk jurisdictions remains unchanged, except that the Bahamas, Botswana and Ghana has been added as jurisdictions with strategic deficiencies. FATF also noted its disappointment as the lack of progress from Iran towards meeting the goals of its action plan ; and
  • adoption of key reports, including risk-based guidance papers on the life insurance and securities sectors, as well as an update on Fintech and Regtech initiatives (which will be published shortly) and future work on digital IDs.