Under the Korean Presidency of the, FATF achieved a number of important outcomes, which are set out in the FATF Annual Report 2015-2016
Among these outcomes are:
Terrorist financing - During this Plenary year, the FATF organised a The Financial Action Task Force leads renewed global effort to counter terrorist financing in December 2015, which focused on combating the financing of ISIL, their affiliates and other terrorist groups. The FATF adopted a which will focus FATF's efforts in a number of key areas. FATF refined and strengthened its The FATF Recommendations, addressing the threat posed by foreign terrorist fighters and protecting non-profit organisations from abuse. FATF developed a handbook which will assist countries to appropriately and effectively apply targeted financial sanctions. FATF Terrorist Financing: FATF Report to G20 Leaders - actions being taken by the FATF on FATF initiatives to improve global effectiveness of measures to combat terrorist financing, which included the review of core measures in 200 jurisdictions.
Methods and Trends - The FATF continuously updated its knowledge on new terrorist financing methods and trends and adopted a report identifying Emerging Terrorist Financing Risks . FATF also adopted a typologies report on Money Laundering Through the Physical Transportation of Cash.
Training and Research - FATF finalised the memorandum of understanding for an FATF Training and Research Institute - FATF TREIN. The training instritute will help national authorities to develop their capacity to combat mney laundering and the financing of terrorism.
New Guidance and Best Practices - This year, the FATF adopted Guidance on AML/CFT-related data and statistics ,Guidance for a risk-based approach: effective supervision and enforcement by AML/CFT supervisors of the financial sector and law enforcement, and Guidance for a Risk-Based Approach for Money or Value Transfer Services. The FATF also published a consolidation of Consolidated FATF Standards on Information Sharing.
Mutual Evaluation Process - During this Plenary year, the FATF published the mutual evaluation reports of Austria's measures to combat money laundering and terrorist financing, Canada's measures to combat money laundering and terrorist financing, Italy's measures to combat money laundering and terrorist financing and Singapore's measures to combat money laundering and terrorist financing which set out the effectiveness and technical compliance of each country's measures to combat money laundering and terrorist financing.
Expansion of the FATF Global Network - This year, the FATF welcomed Malaysia as a member to the FATF and Israel joined as an observer country. FATF recognised the as an FATF-Style Regional Body.