The report highlighted the progress made in the final year of the Singapore presidency.
Key highlights from the report include:
➡️ Asset Recovery: Changes to standards strengthened the tools available to countries to recover the proceeds of crime and seize assets;
➡️ Virtual Assets: The FATF published a report on the jurisdictions with materially important Virtual Asset Service Provider (VASP) activity and the steps they had taken to implement the FATF’s requirements;
➡️ Beneficial Ownership: Improved standards on global transparency and supported countries with guidance and training;
➡️ Non-Profit Organisations (NPOs): Standards on NPOs were amended to ensure they were proportionate and not overapplied by governments to supress civil society; and
➡️ Emerging Threats: The FATF published reports on emerging risks such as cyber-enabled fraud, ransomware, and the art and antiques trade.
✅ Firms can review the report, and the focus areas for the Mexican Presidency, to better understand the FATF’s priorities, and should ensure control frameworks adapt to the emerging threats highlighted in the report.