FATF published a paper in which the incoming FATF President outlines the objectives of the Korean Presidency of the FATF for the year July 2015 to June 2016. The seven priorities are:
- Enhancing the efforts of FATF and the FATF-style regional bodies (FSRBs) in CTF. The FATF and FSRBs will carry out a fact-finding survey on the current state of implementation of the FATF recommendations on CTF. The survey results will be reported to the G20 in October 2015.
- Addressing the challenges faced by the fourth round of mutual evaluations.
- Addressing capacity constraints. FATF intends to provide a capacity building programme at FATF level to help developing and under-resourced countries in implementing the FATF international standards and preparing for a mutual evaluation. For these purposes, the Korean Presidency proposes to establish a global AML and CTF training and research institute.
- Work prioritisation and strategic allocation of resources. In light of the international community's and FATF members' demands on FATF, a strategic review of FATF's work priorities is required so as to seek to realign and match limited resources with priorities.
- Mid-term review of the FATF mandate.
- Reinforcing the global AML and CTF network. FATF will explore ways to deepen the relationship with the FSRBs and consider further how to reinforce its relationship with the Egmont Group of Financial Intelligence Units. It will also continue to work with the G20 and the UN on anti-corruption and enhance communication and co-operation with international bodies, including the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors, IOSCO and the OECD, to promote consistent implementation of the FATF international standards.
- Encouraging closer engagement with the private sector and civil society. As private institutions are in the frontline of AML and CTF compliance, there must be constant dialogue and feedback between them and the FATF, including in emerging economies and low income countries.
On 26 June 2015, FATF published a press release reporting on the outcomes of its 2015 plenary meeting.