Compass
AML/CTF/CPF
Industry NewsThe key outcomes from the Plenary were:
- The United Arab Emirates, Uganda, Gibraltar and Barbados have been removed from the “grey list” of countries under increased monitoring;
- Kenya and Namibia have been added to the “grey list”;
- No new countries/jurisdictions were added to the list of those subject to a call for action;
- Risk-based guidance for Recommendation 25 on Beneficial Ownership and Transparency of Legal Arrangements will be published at the end of February to reflect revisions made to the Recommendation;
- An overview of the steps that FATF and regional body member jurisdictions with the most materially important virtual asset activity have taken to regulate and supervise virtual asset service providers (VASPs), in line with Recommendation 15 will be published;
- A public consultation will be opened on proposed amendments to Recommendation 16 surrounding payment transparency; and
- The FATF has agreed on changes to its assessment methodology for the next round of mutual evaluations, particularly concerning the protection of Non-Profit Organisations (NPOs) from abuse for Terrorist Financing.
Firms should take note of the Plenary’s key conclusions and their impacts.
