The FATF plenary meeting took place in Paris between 21-23 June 2023 with delegates from over 200 jurisdictions from the Global Network and observers from international organizations.
The following topics were discussed:
๐ ๐ ๐๐๐๐ฎ๐น ๐๐๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐๐ ๐ฒ๐บ๐ฏ๐๐ฟ๐ด:
โ๏ธ Luxemburg, as a regional and international financial centre has a high level of technical compliance with the FATF recommendations. Its AML/CFT regime is delivering good results.
โ๏ธ Luxemburg has a good understanding of the ML/TF risk it faces.
โ๏ธ The country has achieved robust domestic co-operation and co-ordination in the use of financial intelligence, access to beneficial ownership information and co-operation with its international partners.
๐๐ณ๐ฆ๐ข๐ด ๐ง๐ฐ๐ณ ๐ช๐ฎ๐ฑ๐ณ๐ฐ๐ท๐ฆ๐ฎ๐ฆ๐ฏ๐ต: Detection investigation and prosecution of more complex money laundering cases, risk-based supervision of its non-financial sector, develop its understanding of terrorist financing and apply proportionate and dissuasive sanctions for non-compliance to the financial and non-financial sectors.
๐ ๐๐ถ๐ด๐ต-๐ฟ๐ถ๐๐ธ ๐ฎ๐ป๐ฑ ๐ผ๐๐ต๐ฒ๐ฟ ๐บ๐ผ๐ป๐ถ๐๐ผ๐ฟ๐ฒ๐ฑ ๐ท๐๐ฟ๐ถ๐๐ฑ๐ถ๐ฐ๐๐ถ๐ผ๐ป๐
Additions to the grey-list:
๐ Cameroon
๐ Croatia
๐ Vietnam
No addition to the black-list.
โฟ ๐ง๐ฎ๐ฟ๐ด๐ฒ๐๐ฒ๐ฑ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ ๐ผ๐ป ๐๐ต๐ฒ ๐ถ๐บ๐ฝ๐น๐ฒ๐บ๐ฒ๐ป๐๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐๐ต๐ฒ ๐๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ๐ ๐ผ๐ป ๐ฉ๐ถ๐ฟ๐๐๐ฎ๐น ๐๐๐๐ฒ๐๐
Global implementation of the standards is considered poor. โคต๏ธ Almost ยพ of jurisdictions are partially compliant or non-compliant with the standards.
Many jurisdictions have not implemented fundamental requirements, and more than half have not implemented the Travel Rule. Lack of regulation creates loopholes for exploitation of the sector by criminals.
๐ฎโโ๏ธ ๐๐๐ง๐ ๐๐๐๐ฒ๐ ๐ฅ๐ฒ๐ฐ๐ผ๐๐ฒ๐ฟ๐
The FATF aims to provide a new suite of tools which countries should use to effectively freeze, seize, and confiscate criminal property, both domestically and through international cooperation.
๐ผ ๐๐๐ง๐ ๐ช๐ผ๐ฟ๐ธ ๐๐ผ ๐๐ผ๐บ๐ฏ๐ฎ๐ ๐๐ผ๐ฟ๐ฟ๐๐ฝ๐๐ถ๐ผ๐ป
The Plenary adopted an internal tool to combat corruption. The FATF members also discussed the progress performed on the misuse of citizenship and residency by investment schemes.
๐ด ๐ก๐ผ๐ป-๐ฃ๐ฟ๐ผ๐ณ๐ถ๐ ๐ข๐ฟ๐ด๐ฎ๐ป๐ถ๐๐ฎ๐๐ถ๐ผ๐ป๐ (๐ก๐ฃ๐ข๐)
The FATF is working on potential revisions to the Recommendation 8 aiming to protect NPOs from abuse for terrorist financing without disrupting or discouraging legitimate NPO activities.
The FATF will release a document on the above for public consultation.
See official announcement here
Comments