Joint FATF / GAFILAT Plenary week from 29 October-03 November 2017

The FATF and the Financial Action Task Force of Latin America (GAFILAT) 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. The Argentinean Government will host the meetings in Buenos Aires, which will involve over 700 delegates from the 203 jurisdictions of the FATF Global Network, as well as the United Nations, International Monetary Fund, World Bank and other partners.

The week’s meetings will conclude with the first Plenary meeting under the Argentinean FATF Presidency, on 1-3 November.  FATF President Santiago Otamendi, and GAFILAT President Eugenio Curia will jointly chair the three-day meeting.  Among many other issues, the discussions will focus on:

Counter terrorist financing: We will discuss a project that identifies how terrorist organisations fund the recruitment of new members. We will review progress in the implementation of the FATF operational plan to tackle all sources, techniques and channels of terrorist financing, including updating our knowledge on ISIL/Da’ech’ financing strategy.

Financial inclusion: We will review the results of a project aimed at encouraging countries to implement the FATF Recommendations that will allow financially excluded access to the regulated financial sector, while at the same time maintaining effective safeguards against money laundering and terrorist financing. A proposed supplement to the FATF 2013 guidance on financial inclusion will identify customer due diligence models that are compatible with the goal of making financial services accessible and available to all. 

Information sharing: We will discuss the draft guidance for private sector information sharing, which will cover information-sharing at group wide level and between financial institutions not belonging to the same group. Better private sector information sharing will improve transparency and access to beneficial ownership and contribute to detecting financial flows in support of terrorism.

Mexico and Portugal: We will review the mutual evaluations of Mexico (joint FATF/GAFILAT assessment) and Portugal and the effectiveness of their efforts to tackle money laundering and terrorist financing. We will review the actions that Austria has taken to address the deficiencies identified in its 2016 assessment and we will discuss and update our statements identifying high-risk and non-cooperative jurisdictions.

FATF will discuss future steps to ensure responsible innovation in Fintech and Regtech. FATF Heads of Financial Intelligence Units will discuss how to improve the quality of financial intelligence and suspicious transaction reporting regimes.  FATF will continue its discussion on strengthening its institutional basis and enhancing the capacity and effectiveness of the global network of FATF and FATF-style regional bodies.