Outcomes FATF Plenary, 26-28 June 2024
The Financial Action Task Force (FATF) held its regular plenary meeting from June 26-28, 2024, in Singapore.
Delegates from the FATF’s Global Network, consisting of over 200 jurisdictions as well as observers from international organizations, participated in three days of discussions on key issues related to money laundering, terrorism financing, and proliferation financing. Over the course of the meeting, FATF and the FATF-Style Regional Bodies addressed several key issues and made the following decisions:
- The International Cooperation Review Group (ICRG), which aims to address the risks posed by jurisdictions with strategic deficiencies in the international financial system, revised its criteria for prioritizing countries.
- Members agreed on how countries will be assessed for their compliance with the recently revised FATF Standards on asset recovery and related international cooperation, which were adopted in October 2023.
- FATF/APG/MENAFATF discussed and endorsed the mutual evaluation report of India.
- FATF and MENAFATF discussed and endorsed the mutual evaluation of Kuwait, concluding that while the country has a sufficient legal and supervisory framework to combat money laundering, terrorist financing, and proliferation financing, improvements in effectiveness are still necessary.
- The FATF completed its review of the measures in place to prevent gatekeepers (accountants, lawyers, real estate agents, and trust and company service providers) from being used to facilitate money laundering and terrorist financing. This review will be published in July 2024.
- FATF will publish its 5th annual report on the progress of jurisdictions in implementing its standards on virtual assets and virtual asset service providers.
- The Plenary discussed the outcomes of its public consultation on draft amendments to the standards for cross-border payment.
- Incoming FATF President Eliza de Anda Madrazo presented her key priorities for her two-year term from July 1, 2024, to June 30, 2026.
- Changes were made to the "grey list" of jurisdictions under increased monitoring, with Jamaica and Turkey removed due to significant progress, while Monaco and Venezuela were newly added.
As of June 2024, the following countries remain on the grey list (jurisdictions under increased monitoring):
- Bulgaria
- Burkina Faso
- Cameroon
- Croatia
- Democratic Republic of the Congo
- Haiti
- Kenya
- Mali
- Monaco (newly added)
- Mozambique
- Namibia
- Nigeria
- Philippines
- Senegal
- South Africa
- South Sudan
- Syria
- Tanzania
- Venezuela (newly added)
- Vietnam
- Yemen
The list of countries with strategic deficiencies in anti-money laundering and counter-terrorist financing, commonly referred to as the "black list" (High-Risk Jurisdictions subject to a Call for Action), has not been updated and includes the following countries:
- Democratic People's Republic of Korea
- Iran
- Myanmar
FATF has maintained its decision to suspend Russia's membership due to its aggression against Ukraine, which conflicts with FATF's principles of safeguarding the integrity and stability of the global financial system and international cooperation.