The FATF will meet for six days of meetings to discuss important issues to protect the integrity of the global financial system and contribute to safety and security. Hosted by the Spanish Government in the city of Valencia, the meetings will involve over 800 delegates from the 198 jurisdictions of the FATF Global Network, as well as the UN, IMF, World Bank and other partners.
The week’s meetings will end with the third and last Plenary meeting under the Spanish Presidency of Juan Manuel Vega-Serrano on 21-23 June. IMF Managing Director Christine Lagarde will deliver keynote remarks to the Plenary on 22 June. During the three-day meeting, delegates will work through a full agenda that includes among other issues:
Counter terrorist financing: We will continue to update our knowledge on ISIL/Da’ech’ financing strategy. We will review progress in two projects to identify challenges and best practices in information sharing, an important element of effective counter-terrorist financing measures and consider the progress in the implementation of the FATF’s operational plan to tackle all sources, techniques and channels of terrorist financing.
Transparency and beneficial ownership: We will discuss progress in FATF’s comprehensive programme of work to prevent the abuse of companies and trusts for criminality and terrorism, which includes collaboration with the OECD Global Forum on Tax to ensure consistency of respective peer review processes.
Financial inclusion: We will discuss how countries can apply financial inclusion measures, including simplified customer due diligence and digital financial inclusion initiatives, in order to enable wider access to financial services by under-served people and communities. Building on previous FATF guidance on financial inclusion, we will identify models that ensure sound AML/CFT controls are compatible with the goal of making financial services accessible and available to all.
Ireland and Denmark: We will review the mutual evaluations of Ireland and Denmark and the effectiveness of their efforts to tackle money laundering and terrorist financing. We will review the actions that Spain has taken to address the deficiencies identified in their 2015 mutual evaluation report, the first during the current round of assessment, and we will review progress by countries with outstanding deficiencies from the last round of evaluations, such as Brazil and South Africa. We will discuss and update our statements identifying high-risk and non-cooperative jurisdictions. FATF will consider recent development concerning de-risking, including access to banking services by the remittance sector, and identify areas where further FATF action or co-ordination is required. FATF Heads of Financial Intelligence Units will discuss how to improve the effectiveness of suspicious transaction reporting regimes.