FATF meets with the private sector

Publication details




FATF meets with the private sector

The FATF’s Private Sector Consultative Forum, representing the financial sector and other businesses and professions submitted to anti-money laundering and countering the financing of terrorism (AML/CFT) obligations, met with FATF in Paris on 3-4 April.

This meeting was an opportunity to provide detailed feedback to private sector representatives on the revised FATF Recommendations which were adopted by the FATF on 16 February; and to discuss next steps, including implementation of the revised FATF Recommendations and future cooperative work by the FATF and private sector on guidance and typologies.

The FATF consulted with the private sector on a regular basis throughout the process of revising the FATF Recommendations. Their valuable input provided the FATF with a clear insight into specific requirements of different segments of the private sector and the views of civil society.  The FATF published a response to the public consultation on 16 February,  which  focuses on the main themes that emerged from the comments that were received during the revision process.

The meeting on 3-4 April discussed the implementation issues arising from the revised Recommendations, in particular issues such as the Risk-Based Approach (RBA), customer due diligence measures, the transparency of ownership of legal persons and arrangements, and politically exposed persons.

As the FATF prepares to start the 4th Round of mutual evaluations of member countries in 2013, it sought feedback from the Private Sector Consultative Forum on how to improve the usefulness of the mutual evaluation reports of the 4th round for the private sector.

The Consultative Forum also discussed the prospects for joint work by the FATF and relevant private sector experts to revise existing FATF guidance, prepare new guidance on key issues, and conduct typologies work on the threats and vulnerabilities affecting specific sectors.