The Financial Action Task Force (FATF) has added Algeria, Angola, Côte d’Ivoire and Lebanon to the list of jurisdictions subject to increased monitoring, in its first plenary under the Presidency of Elisa de Anda Madrazo of Mexico.
The concluding statement on 25 October followed participation from delegates in the FATF’s Global Network of over 200 jurisdictions and observers from international organisations 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).
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. FATF said this represents significant progress on its priority to increase its inclusivity and broaden the diversity of perspectives at the the organisation.
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.
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.
The FATF Plenary congratulated Senegal for its significant progress in addressing the strategic anti-money laundering, countering financing of terrorism and countering financing of proliferation (AML/CFT/CPF) deficiencies previously identified during its mutual evaluation. Senegal has completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.
Senegal will continue to work with the FATF and the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) of which it is a member to continue strengthening its AML/CFT/CPF regimes.
