The Financial Action Task Force (FATF) hosted its Plenary between 23-25 October.
Key outcomes include:
- The continued suspension of the Russian Federation’s membership;
- The addition of Algeria, Angola, Côte d’Ivoire, and Lebanon to the list of jurisdictions subject to increased monitoring;
- The removal of Senegal from the list of jurisdictions subject to increased monitoring;
- The addition of Senegal and the Cayman Islands as guest jurisdictions;
- The adoption of Mutual Evaluation reports for Argentina and Oman;
- The agreement to release for public consultation proposed changes to the standards on financial inclusion;
- The revision of the national money laundering risk assessment guidance; and
- The commencement of a review to ensure countries do not misuse FATF standards to restrict the activities of nonprofit organisations.
✅ Firms should review the latest plenary updates and note any control reviews required following changes to the lists of high-risk jurisdictions subject to a call for action and the jurisdictions under increased monitoring.
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