Outcomes FATF Plenary, 21-23 February 2024

2024-02-23 07:00 | News

The FATF plenary was held from February 21 to 23, 2024 in Paris, France. During the three-day session, delegates from the FATF's Global Network of over 200 jurisdictions and observers from international organizations convened to discuss critical issues related to combating money laundering, terrorist financing, and the financing of weapons of mass destruction proliferation.

At the plenary, the FATF and FSRB member jurisdictions discussed the issues and made the following key decisions:

  • Among the key outcomes of the Plenary is a new risk-based guidance for implementing Recommendation 25 on the beneficial ownership and transparency of legal arrangements.
  • The Plenary agreed to publish an overview of the steps taken by FATF and FSRB member jurisdictions with the most materially important virtual asset activity.
  • In preparation for the next biennium, delegates discussed the specific areas of focus for the FATF to deliver on its mandate to prevent criminals, the corrupt, and terrorists from abusing the international financial system and strengthen the foundations for sustainable and more inclusive economic development.
  • The FATF’s Strategic Priorities will be presented to FATF Ministers at the upcoming FATF Ministerial meeting in April.
  • The FATF has worked on proposed amendments to Recommendation 16, to reflect the rapid development of cross-border payment systems, and changes to industry standards particularly ISO20022. The Plenary agreed to release the proposed revisions for public consultation.
  • This week, the Plenary appointed Ms. Elisa de Anda Madrazo of Mexico as the next President of the FATF, for a fixed two-year term. FATF members took this decision following a comprehensive process that included consultations with all delegations. Ms. De Anda Madrazo, who was FATF Vice President from 1 July 2020 to 30 June 2023, will take up duties on 1 July 2024, the day after the two-year Presidency of Mr. T. Raja Kumar concludes.
  • At its October 2023 Plenary, the FATF agreed on amendments to Recommendation 8 that aim to protect non-profit organizations (NPOs) from potential terrorist financing abuse through the effective implementation of risk-based measures. The FATF has now agreed on changes to its assessment methodology for the next round of mutual evaluations, which clarify the existing obligations to apply risk-based measures to protect NPOs that are most vulnerable to potential terrorist financing abuse and prevent the unintended consequences of the incorrect application of the FATF’s requirements. 
  • The FATF plenary congratulated Barbados, Gibraltar, Uganda, and the United Arab Emirates for their significant progress. These countries will no longer be subject to the FATF’s increased monitoring process. At this Plenary, the FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring.

Jurisdictions under Increased Monitoring, as of 23 February 2024 are:

  • Bulgaria
  • Burkina Faso
  • Cameroon
  • Croatia
  • Haiti
  • Jamaica
  • Kenya
  • Mali
  • Mozambique
  • Namibia
  • Nigeria
  • Philippines
  • Republic of Congo
  • Senegal
  • South Africa
  • South Sudan
  • Syria
  • Tanzania
  • Turkey
  • Vietnam
  • Yemen

No new countries/jurisdictions were added to the jurisdiction subject to a call for action list (“black list”).

  • Democratic People's Republic of Korea
  • Iran
  • Myanmar

After the plenary, FATF released a statement on the Russian Federation. The FATF continues to call upon all jurisdictions to remain vigilant of threats to the integrity, safety, and security of the international financial system arising from the Russian Federation’s war against Ukraine. As a suspended member of the FATF, the Russian Federation remains accountable for its obligation to implement the FATF Standards.

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