FATF adopts new counter-terrorist financing operational plan: Key points
Paris: Monetary Motion Activity Pressure (FATF), a worldwide physique for anti-money laundering and combating the financing of terrorism, mentioned on Friday that it’ll proceed to focus its efforts on guaranteeing that its requirements present robust and highly effective instruments to allow nations to guard the integrity of the monetary system and contribute to security and safety.
After the FATF plenary assembly held in Paris (21-23 February 2018), it mentioned, “In February 2016, following the terrorist assaults in Paris, the FATF had adopted a consolidated technique to fight terrorist financing and an operational plan to focus its work in 4 key areas. Since then, the FATF has intensified its motion to establish new and growing terrorist financing threats, strengthen or refine its requirements accordingly and assess whether or not nations have applied sound and efficient measures to detect, forestall and punish instances of abuse of the monetary system in help of terrorism. The FATF has achieved vital ends in the 4 key areas recognized within the 2016 operational plan.”
It added, “To additional improve the worldwide battle in opposition to terrorist financing, the Plenary has adopted a brand new operational plan of motion. This operational plan is a residing doc that gives a framework for a versatile and dynamic response to terrorist financing threats. It is going to construct on present outcomes and give attention to new areas which is able to enhance understanding of terrorist financing dangers and the effectiveness of measures to handle these dangers, whereas additionally being versatile to handle the continual evolution of this risk.”
As per the official assertion, the primary points handled by the plenary have been:
– Combatting terrorist financing, together with the adoption of a brand new counter-terrorist financing operational plan and a assertion on the actions taken below the 2016 counter-terrorist financing technique.
– Adoption of a report back to the G20 Finance Ministers and Central Financial institution Governors.
– Up to date FATF Steering on Counter Proliferation Financing.
– Amendments to Advice 2 on nationwide cooperation and coordination.
– Dialogue of the mutual analysis report of Iceland.
– Comply with-up studies for the mutual evaluations of Spain and Norway the place each nations sought technical compliance re-ratings.
– Brazil’s progress in addressing the deficiencies recognized in its mutual analysis report because it agreed to an motion plan in November 2017.
– Two public paperwork figuring out jurisdictions which will pose a threat to the worldwide monetary system – Jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies for which a name for motion applies and jurisdictions with strategic AML/CFT deficiencies for which they’ve developed an motion plan with the FATF.
– Monitoring Iran’s actions to handle deficiencies in its AML/CFT system.
– AML/CFT enhancements in Bosnia and Herzegovina.
– Revisions on info sharing to the FATF Methodology.
– Enhancing the understanding of digital currencies dangers.
– Enhancing the effectiveness of the Felony Justice System – FATF world engagement with judges and prosecutors.
(Content material enter – fatf-gafi.org)