Paris, 28 February 2011. Under the Mexican Presidency, the FATF Plenary met in Paris on 23-25 February 2011 and has taken important new steps to protect the international financial system from abuse by:
- Producing two public documents as part of its ongoing work to identify jurisdictions that may pose a risk to the international financial system.
- Adopting the mutual evaluation reports of France and the Netherlands
- Publishing the Follow-Up Report to the mutual evaluation report of Singapore.
- Issuing a statement on the progress made by Argentina in addressing deficiencies identified in their mutual evaluation of October 2010.
- Agreeing to hold the Annual meeting of experts on typologies, organised jointly with the APG in Busan, Korea at the end of November 2011.
The FATF President also chaired a separate meeting with anti-corruption and anti-money laundering experts on the use of AML/CFT measures in the fight against corruption.
Mutual Evaluation of France
The FATF has completed and adopted the third mutual evaluation of the AML/CFT system in France. France has over the past several years continually strengthened, refined and expanded its system. France’s overall degree of compliance with the FATF 40+9 Recommendations is very high, particularly in the financial sector and in the legal area. France should now focus its efforts on certain non-financial professions that still have to improve their level of compliance with the standards. Taking into account the high quality and overall effectiveness of the French system, France will henceforth report back to the FATF on a biennial basis on the further evolution of its AML/CFT system which now ranks as one of the most robust in the FATF.
Mutual Evaluation of the Netherlands
The FATF has completed and adopted the third mutual evaluation of the AML/CFT system in the Netherlands. The AML/CFT system of the Netherlands is largely in line with the FATF requirements but some shortcomings in the legal framework and the implementation of already existing measures need to be addressed. The Netherlands will report back to the FATF as part of the regular follow-up process.
Follow-Up Report Singapore
The FATF has approved and published the Follow-Up Report of Singapore. Singapore has now taken action to address sufficiently the issue of criminalisation of money laundering and has therefore been taken off the regular follow-up process at this meeting. Singapore has also made progress in strengthening other aspects of their system. Henceforth, Singapore will report back to the Plenary on further developments in its AML/CFT system on a biennial basis.
Statement on the progress made by Argentina
The FATF heard Argentina’s report on progress made since the adoption of the FATF’s mutual evaluation of Argentina in October 2010. The FATF noted the high-level commitment expressed by the Minister of Justice at the Plenary and the preliminary action plan presented by Argentina. The FATF maintains its serious concern regarding the large number of significant AML/CFT deficiencies that remain and expects Argentina to make substantial progress in addressing these deficiencies by June 2011, in particular progress in the criminalisation of money laundering and terrorist financing. The FATF will work closely with Argentina throughout this process and will consider next steps in the context of the enhanced follow-up process for members insufficiently in compliance with FATF Recommendations.
Expert meeting on Corruption
Anti-corruption and anti-money laundering experts and policy makers from national governments, and international and regional bodies met on 27 February to gather information on how AML/CFT measures usefully contribute to the fight against corruption and to enhance engagement. President's Summary of Outcomes from the Expert's meeting on Corruption, 27 February 2011 to see the President's Summary of this meeting.
Luis Urrutia Corral