Following its plenary meeting last week (see FReD 28 June), FATF has published:

  • guidance on politically exposed persons (PEPs): this includes guidance on the relationship between customer due diligence and PEP requirements, use of different sources of information and measures applicable to different types of PEP;
  • international best practices for targeted financial sanctions related to terrorism and terrorist financing: this looks at procedures for identifying and designating persons or entities, due process and post-designation issues. It also considers compliance requirements;
  • guidance for a risk-based approach on prepaid cards, mobile payments and internet-based payment services: this paper looks at the roles of various entities in these markets, how to identify and mitigate risks, relevant laws and the risk-based approach; and
  • guidance on the implementation of financial provisions of United Nations Security Council Resolutions to counter the proliferation of weapons of mass destruction: this guidance looks at targeted financial sanctions, activity-based financial prohibitions and vigilance measures.

Russia has now assumed the FATF plenary and has set out its objectives for the next year, which include working better with the Egmont group of financial intelligence units. (Source: FATF Guidance on PEPs, FATF Best Practice on Terrorist Sanctions, FATF Guidance on Prepaid Cards etc, FATF Guidance on Proliferation and Russia Takes Over FATF Plenary)