In the light of recent terrorist attacks in Paris, FATF concluded three days of meetings, focussed on combatting the financing of ISIL and other terrorist groups.
FATF will adapt its strategy in order to better understand and reflect the changing nature of the terrorist financing risks, including by strengthening the existing measures, and enhancing operational information sharing to help counter these risks:
- Understanding the impact of recent action against ISIL by working closely with the UN, the Counter-ISIL Financing Group (CIFG), the Egmont Group, Interpol and other stakeholders. A joint meeting with CIFG will be held in February 2016.
- FATF will develop up to date terrorist financing indicators to share with the private sector. FATF will hold a meeting in February to consult private sector representatives on these indicators, and discuss how to enhance information exchange with national authorities.
- Improving the exchange of information. In order to achieve this FATF will conduct an immediate analysis across all members in order to review their understanding of the risks, the challenges faced in sharing information, and how countries have responded to those challenges. This will inform future actions.
- FATF and the Egmont Group will work together to overcome information sharing obstacles and consider updating the international standards on effective information sharing.
- FATF will also take immediate actions to improve information exchange between government authorities, between countries, and with the private sector.
- Strengthening the international standards and their implementation. FATF will initiate special follow-up measures for countries which have not criminalised terrorist financing or do not apply targeted financial sanctions.
- In February 2016, FATF will discuss if there are areas where the FATF Standards can be strengthened, such as better reflecting the United Nations Security Council Resolutions dealing with terrorist financing.