Meeting of the FATF Plenary, Rome, 20-22 June 2012

The 36 members of the Financial Action Task Group (FATF)  and representatives from the FATF Style Regional Bodies met in Rome, under the Presidency of Mr. Giancarlo Del Bufalo of Italy, for the third Plenary under the Italian Presidency.

The FATF sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  The decision making body of the FATF is the FATF Plenary, which is supported by a number of Working Groups. 

Some of the issues discussed at the Plenary meeting were:

  • Defining the scope and nature of the 4th Round of Mutual Evaluations, based on the FATF Recommendations that were adopted in February 2012.
  • Reviewing the implementation of the FATF Recommendations of a number of countries, and evaluating progress made in addressing deficiencies or in committing to an Action Plan
  • Reviewing the compliance with the FATF’s Key principles on Voluntary Tax Compliance / Asset Repatriation Programmes of a number of national Voluntary Tax Compliance programmes
  • Engaging with the FATF Style Regional Bodies to ensure the effective global implementation of the revised FATF Recommendations and ensure consistency in the mutual evaluations

Following the meeting, the FATF published the key outcomes of the meeting as well as an update concerning high-risk and non-cooperative jurisdictions.

 

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