The First Plenary of the Financial Action Task Force under the Presidency of Elisa de Anda Madrazo of Mexico (FATF-XXXIV) took place in Paris, France from October 21 to 25. Present at the meeting were over 500 delegates from the FATF and the FATF-style regional bodies (FSRBs). 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 Recommendation 1 (Assessing Risks and Applying a Risk-based Approach) and interpretations of relevant recommendations, emphasizing the need to fully implement a risk-based approach and focusing on the adequacy of risk control measures to enhance financial inclusion. Once the Plenary concludes, the FATF will solicit public opinions on the revised draft recommendations. The Plenary also discussed the revisions to Recommendation 16 (Payment Transparency).
The Plenary reviewed and approved the assessment reports of Argentina and Oman on anti-money laundering and countering the financing of terrorism (AML/CFT), marking the official conclusion of the fourth round of FATF international AML assessment. It was noted at the Plenary that Argentina shows high effectiveness in international cooperation, but there is still much room for improvement in risk understanding and domestic coordination, AML regulation and preventive measures, transparency of legal persons and legal arrangements, use of financial intelligence, investigation and prosecution of ML and FT crimes, depriving criminals of their assets, and targeted financial regulation related to terrorism. Additionally, significant improvements are needed in targeted counter-proliferation financial regulation. Oman is highly effective in international cooperation, use of financial intelligence, investigation and prosecution of ML crimes, and targeted counter-proliferation financial regulation. However, there is still much room for improvement in risk understanding, AML regulation and preventive measures, transparency of legal persons and legal arrangements, investigation and prosecution of ML crimes, depriving criminals of their assets, and targeted financial regulation related to terrorism. The FATF will publish both reports after the FATF’s global quality and consistency review is completed.
The Plenary reviewed the rectification progress of Senegal, the Philippines, Myanmar, Vietnam and other countries on the “grey (black) list”. The Plenary recognized the efforts made by Senegal to improve the AML and CFT systems, and agreed to remove it from the “grey list”. At this Plenary, the FATF added Angola, Côte d’Ivoire, Algeria and Lebanon to the “grey list”.
The Plenary deliberated and approved a work plan for FATF members to support the new round of assessment of FATF-style regional bodies, and for the first time invited Senegal and the Cayman Islands to participate in the Plenary as invited representatives.
In addition, the Plenary discussed issues related to typologies research on ML and FT, and adopted the updated Guidelines for the Assessment of National Money Laundering Risks and the Report on Money Laundering, Financing of Terrorism and Proliferation Financing Risks of Online Gaming and Gambling Platforms.
Other relevant topics were also discussed at the Plenary.
