Meeting of the FATF Plenary, Paris, 17-19 October 2012

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Meeting of the FATF Plenary, Paris, 17-19 October 2012

The 36 members of the Financial Action Task Group (FATF)  and representatives from the FATF Style Regional Bodies met in Paris, under the presidency of Mr. Bjørn S. Aamo of Norway, for the first Plenary under the Norwegian Presidency.

The FATF sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  The decision making body of the FATF is the FATF Plenary, which is supported by a number of Working Groups. 

Some of the issues on the agenda for the Plenary meeting were:

  • Reviewing guidance and best practice papers to support implementation of the revisions to the FATF Recommendations that were adopted in February 2012.
  • Developing the process to assess the level of compliance with the 2012 FATF Recommendations in the 4th Round of mutual evaluations which will begin next year.
  • Engaging with the FATF Style Regional Bodies through the Global Network Co-ordination Group to ensure effective global implementation of the revised FATF Recommendations.
  • Reviewing the implementation of measures taken by a number countries to address deficiencies identified in the last round of mutual evaluation reports.
  • Identifying jurisdictions with strategic deficiencies in their AML/CFT system and reviewing progress made by jurisdictions that had been identified at the June 2012 Plenary. 

Outcomes of the Plenary meeting of the FATF, Paris, 17-19 October 2012 for a summary of the outcomes of the meeting.