June 27 2016
Under the Korean Presidency of Mr. Je-yoon Shin, the fourth Plenary meeting of Plenary year FATF-XXVII was held.
The main issues dealt with by this Plenary meeting were :
Work on terrorist financing, which remains the top priority for the FATF, including:
Update to the 2015 report on ISIL financing.
Revision of FATF Recommendation 8 and its interpretive note to protect non-profit organisations from terrorist financing abuse.
Approval of the Handbook to Assist Practitioners in their implementation of UNSCR 1373.
Approval of Detecting Terrorist Financing: Relevant Risk Indicators report for governments and relevant private sector.
Report to the G20 on FATF initiatives to improve global effectiveness of measures to combat terrorist financing.
Two public documents identifying jurisdictions that may pose a risk to the international financial system:
Jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies for which a call for action applies
Iran’s engagement with the FATF
Jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF
Further work to improve the implementation of the FATF Standard on beneficial ownership information on legal persons and legal arrangements.
Consolidation of FATF Standards on information sharing.
Discussion of the mutual evaluation reports of Austria, Canada and Singapore.
Statement on Brazil’s progress in addressing the serious deficiencies identified in its mutual evaluation reports, and the issues that remain.
An update on AML/CFT improvements in Myanmar and Papua New Guinea.
Developments in the decline in correspondent banking.
The establishment of the FATF Training and Research Institute (TREIN).