The joint FATF-MONEYVAL Plenary meeting, hosted by the Council of the European Union and chaired by FATF President Elisa de Anda Madrazo and MONEYVAL Chair Nicola Muccioli, concluded with significant progress in global efforts towards anti-money laundering (AML), counter-terrorist financing (CFT) and counter-proliferation financing (CPF) efforts.
Key takeaways include:
- The approval of changes to the FATF Standards to enhance cross-border payment security, supporting the G20 initiative to make payments faster, cheaper, more transparent and accessible.
- The adoption of Latvia's mutual evaluation report which assessed the effectiveness of the country's AML, CFT and CPF measures; the report will be published later this year.
- A review of progress made by three MONEYVAL member states (Czechia, Georgia and the Slovak Republic) in addressing deficiencies in technical compliance as part of the MONEYVAL Compliance Enhancing Procedures; the member states will report back to the MONEYVAL plenary in December.
- The approval of several upcoming FATF publications aimed at assisting countries to counter emerging illicit finance threats through a risk-based approach, including updated guidance to promote financial inclusion globally into the formal financial sector.
- Agreement on new FATF procedures to help the prevention of misapplication of measures to protect non-profit organisations from abuse.
- The removal of Croatia, Mali and Tanzania from the FATF list of jurisdictions under increased monitoring following successful on-site assessments, while adding Bolivia and the British Virgin Island to the list.
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