The FATF begins 7 days of meetings in Paris on 18 February, involving up to 800 delegates from the 198 jurisdictions of the FATF Global Network as well as the UN, IMF, World Bank and other partners. This will include the second Plenary meeting under the Spanish Presidency of Juan Manuel Vega-Serrano that will take place on 22-24 February. The items discussed will include among others the following:
Counter terrorist financing: We will be considering changes to the way ISIL are financed and focussing on areas such as the financing of recruitment for terrorist purposes. We will also consider how we can further strengthen the traction capacity and effectiveness of the FATF and its Global Network, given the importance of swift and effective implementation of FATF standards worldwide to tackle all sources, techniques and channels of terrorist financing, recalling the G20 Communique from Chengdu.
Transparency and beneficial ownership: We will continue to leverage the full weight of FATF member countries and the Global Network to help prevent the abuse of companies and trusts for criminality and terrorism, including through focussing on vulnerabilities linked to beneficial ownership, the enforcement and supervision of beneficial ownership obligations, and collaboration with the OECD Global Forum on Tax in order to ensure consistency and maximum impact of both bodies’ peer review processes.
Sweden: We will review the mutual evaluation of Sweden and its effectiveness in tackling money laundering and terrorist financing.
In addition, we will review progress by countries with outstanding deficiencies from the last round of evaluations, such as Brazil and South Africa. FATF will continue to monitor the negative impact on AML/CFT efforts of de-risking by the clearing banks, and identify areas where further clarification of the risk-based approach is required. And we will pursue the other priorities of the Spanish presidency, including a greater operational focus with a second meeting of FATF Heads of Financial Intelligence Units, and a dialogue on Fintech through a roundtable with representatives of the banking sector.