https://www.fatf-gafi.org/en/publications/Fatfgeneral/outcomes-fatf-plenary-october-2024.html
The first FATF Plenary under the Presidency of Elisa de Anda Madrazo of Mexico 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.
The FATF achieved a significant milestone in adopting the last two assessment reports in the FATF’s fourth cycle of assessments, the joint FATF-GAFILAT assessment of the Argentine Republic (Argentina) and the joint FATF/MENAFATF assessment of the Sultanate of Oman (Oman). FATF will now focus on its new round which will deliver more focused, risk-based mutual evaluations.
The FATF removed Senegal from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’.
Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also adopted new guidance on national risk assessments to support countries to understand the illicit finance risks they face.
For the first time, two jurisdictions – Cayman Islands and Senegal – were invited to participate in the FATF Plenary and Working Groups as guests. This represents significant progress on FATF’s priority to increase its inclusivity and broaden the diversity of perspectives at the FATF.
The FATF also discussed standards changes related to cross-border payment systems and progressed work to identify the latest terrorist financing and proliferation financing risks. FATF also commenced a project to review its processes to ensure that countries do not misuse the FATF requirements to restrict the activities of NPOs.
Members reported on the value of the horizontal review of DNFBPs technical compliance related to corruption to support necessary reforms. FATF decided to continue discussing follow-up on this issue at its next meeting.
The suspension of the Russian Federation continues to stand (see February 2024 statement).
Building on the Women in FATF and the Global Network (WFGN) initiative that was launched during the Singapore Presidency, the Plenary discussed proposals to strengthen diversity and inclusiveness throughout the Global Network.
