During the three-day FATF Joint Experts’ Meeting and FATF/UNODC Joint Workshop on Hawala, hosted by the Indian Ministry of Finance, Department of Revenue, experts exchanged insights on money laundering and terrorist financing risks including cyber-enabled fraud, the misuse of citizenship and residency investment programs and terrorist financing through crowdfunding.

This FATF report analyses the methods that criminals use to carry out their ransomware attacks and how payments are made and laundered. The report also proposes a number of actions that countries can take to more effectively disrupt ransomware-related money laundering. This report is complemented by potential risk indicators which will help public and private sector entities identify suspicious activities related to ransomware.

In March 2022, the FATF agreed on tougher global beneficial ownership standards in its Recommendation 24 by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies. The FATF has now updated the guidance that will help countries implement the revised Recommendation 24.