The Sixth Plenary of the Financial Action Task Force (FATF) under the Singapore Presidency (FATF-XXXIII) took place in Singapore from June 23 to 28, 2024. Present at the meeting were delegates representing over 200 members of the Global Network and observer organizations. Chinese delegates from the People’s Bank of China, the Ministry of Foreign Affairs and the Ministry of Public Security attended the meeting.
The Plenary discussed the revisions to FATF Recommendation 16 (Payment Transparency) and Recommendation 1 (Assessing Risks and Applying a Risk-based Approach), and adopted a revised plan on the methodology for assessing compliance and effectiveness of techniques related to asset recovery.
The Plenary approved the priorities of the FATF under the incoming Mexican Presidency. These five key priorities include a focus on financial inclusion; ensuring a successful start to the fifth round of anti-money laundering (AML) assessments; strengthening cohesion of the Global Network featuring transparency, inclusiveness, and solidarity; supporting effective implementation of revised FATF Standards with a focus on asset recovery; and continued efforts to enhance understanding of risks related to terrorist financing and proliferation financing.
The Plenary deliberated and adopted the evaluation report of India on AML and combating the financing of terrorism (CFT), and concluded that India has achieved good results in its money laundering (ML) and financing of terrorism (FT) risk understanding, domestic coordination and cooperation, use of financial intelligence, confiscating assets of criminals, transparency of legal persons and legal arrangements, targeted counter-proliferation financing measures, and international cooperation. However, improvements are needed in the investigation and prosecution of ML and FT crimes, the protection of non-profit organizations from being abused for FT, and the AML regulation and preventive measures. The FATF will publish the report after the FATF’s quality and consistency review is completed.
The Plenary also deliberated and adopted the mutual evaluation report of Kuwait on AML and CFT, and concluded that the country has made certain progress in its ML and FT risk understanding, international cooperation, AML regulation, preventive measures, use of financial intelligence, investigation and prosecution of ML crimes, and confiscating assets of criminals. However, serious shortcomings remain in terms of the transparency of legal persons and legal arrangements, investigation and prosecution of FT crimes, and targeted financial regulation. The FATF will publish the report after the FATF’s global quality and consistency review is completed.
The Plenary reviewed the rectification progress of the Philippines, Myanmar, Vietnam and other countries on the “grey (black) list”. The Plenary recognized the efforts made by Turkey and Jamaica to improve the AML and CFT systems, and agreed to remove the two countries from the “grey list”. At this Plenary, the FATF added Monaco and Venezuela to the “grey list”.
Other relevant topics were also discussed at the Plenary. Ms. Elisa de Anda Madrazo, Senior Advisor to the Mexican Ministry of Finance, will serve as President of the FATF for a two-year term from July 1, 2024.
