Emma BondThe FATF held its fifth plenary between 19 and 21 October 2021. Those present for the meetings included delegates representing the 206 members of the Global Network and observer organisations.
The FATF finalised a report for government officials that focuses on the digital transformation of AML/CFT for operational agencies. It also agreed to release for consultation its proposed revisions to Recommendation 24 on beneficial ownership of legal persons, which aims to strengthen measures to prevent criminals hiding illicit activity and proceeds. The deadline for responses is 3 December 2021.
Other topics of discussion at the plenary included the progress in the work on environmental crime, as well as the evolving situation in Afghanistan, in particular the risks associated with the financing of terrorist organisations.
The FATF added three new jurisdictions to the list of those subject to the increased monitoring process: Jordan, Mali and Turkey. It removed Botswana and Mauritius from the list.
On 22 October the FATF, in consultation with the Basel Committee, published the results of an industry survey which identifies areas where divergent AML/CFT rules or their implementation cause friction for cross-border payments. The results highlight the issues caused by the lack of a risk-based approach and inconsistent implementation of the AML/CFT requirements.
