FATF holds 2nd Plenary under Mexican Presidency

Key takeaways from the plenary include:

➡️ Jurisdictions under increased monitoring (the grey list): Laos and Nepal were added to the list while the Philippines was removed following the completion of their action plan;

➡️ Financial inclusion: Following public consultation, members agreed to revise the FATF Standards, simplifying the risk-based approach where risks are low to further promote financial inclusion;

➡️ Online child sexual exploitation: A new report was approved to examine financial flows and provide intelligence on disrupting online abuse;

➡️ Vice Presidency: Giles Thomson from the UK was appointed as the next FATF Vice President for 2025-2027;

➡️ Payment transparency, and complex proliferation financing and sanctions evasion: Consultations were agreed on both topics and will be published at a later date; and

➡️ Global engagement: Kenya joined the Cayman Islands and Senegal as a guest jurisdiction at the Plenary.

✅ Firms should ensure risk assessment frameworks reflect the changes to the FATF grey list and can review the Plenary’s outcomes to further understand the organisation’s priorities.