FATF has published the outcomes of its plenary meeting in Paris. The meeting welcomed Malaysia and Israel as observers of the recommendations and provided updates on both completed and ongoing works to counter the financing of terror. Iran and North Korea remain the jurisdictions about which FATF remains most concerned, and in relation to dealings with which it recommends counter-measures. Afghanistan, Bosnia and Herzegovina, Guyana, Iraq, Lao PDR, Myanmar, Papua New Guinea, Syria, Uganda, Vanuatu and Yemen remain of concern to FATF and subject to ongoing monitoring. Algeria, Angola and Panama have improved their laws and will no longer fall within the ongoing monitoring requirement.
FATF also outlined its priority actions for the following objectives:
- to improve and update the understanding of terrorist financing risks, and in particular the financing of ISIL/Daesh;
- to ensure the FATF Standards provide up-to-date and effective tools to identify and disrupt terrorist financing activity;
- to ensure countries are appropriately and effectively applying the tools, including UN Targeted Financial Sanctions, to identify and disrupt terrorist financing activity;
- to identify and take measures in relation to any countries with strategic deficiencies for terrorist financing; and
- to promote more effective domestic coordination and international cooperation to combat the financing of terrorism.
It also updated its 2009 paper on a risk-based approach for money or value transfer services, to be consistent with the current recommendations. (Source: FATF outlines priority actions)