On October 21, 2022, the first FATF plenary meeting chaired by T. Raja Kumar from Singapore concluded in Paris. Delegates from over 200 jurisdictions participated in these discussions.
Results of the plenary session:
- Russia is prohibited from participating in meetings of FATF-Style Regional Bodies as a member of the FATF and is also prohibited from participating in current and future FATF project groups.
- FATF members have agreed to publish draft guidance on Recommendation 24, to help countries and the private sector implement enhanced FATF beneficial ownership, requirements to avoid hiding illegal activities behind non-transparent corporate structures.
- The FATF approved the release of a public consultation paper on proposed changes to the transparency of beneficial ownership of legal arrangements by February 2023.
- FATF members also approved a report on illicit proceeds from the supply chains of fentanyl and related synthetic opioids and discussed a report on money laundering through art, antiquities, and other cultural property to be completed by February 2023.
- New jurisdictions subject to increased monitoring are the Democratic Republic of the Congo (DRC), Mozambique un Tanzania.
- Jurisdictions no longer under increased monitoring are Nicaragua un Pakistan.
- Myanmar has been added to the Call for Action list of jurisdictions.
Useful links:
FATF official website
Outcomes of the FATF Plenary
Jurisdictions under increased monitoring
High Risk Jurisdictions with a Call to Action
Elina Nebritova
Atbilst team
