Dialogue with the private sector

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FATF General


FATF Recommendations

Dialogue with the private sector

FATF Private Sector Consultative Forum Meeting, Brussels 25-26 March 2014

Brussels, 26 March 2014 - The FATF organised a meeting of the Private Sector Consultative Forum to discuss implementation of the anti-money laundering and counter-terrorist financing (AML/CFT) measures set out in the FATF Recommendations, seek input and feedback into ongoing FATF work, and hear about issues of concern or interest to the private sector.

The meeting was hosted by the European Banking Federation (EBF), and supported by the European Association of Public Banks, the European Savings Bank Group, the European Association of Co-operative Banks, and Insurance Europe. Over 120 participants representing the financial sector and other businesses and professions subject to AML/CFT requirements, and civil society, as well as representatives of FATF members and observers attended the meeting and provided FATF with valuable input on the following issues.

  • The risk-based approach

The FATF sought feedback on revised guidance for applying the FATF Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures. These revisions would bring the existing FATF guidance into line with the revised FATF Recommendations which were adopted in February 2012. These discussions were a key step to developing a common understanding of the risk-based approach, and how it applies both to private sector stakeholders and at country level, in particular by supervisors. The FATF also had preliminary discussions with representatives from and Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals on the development of similar guidance for those sectors.

  • Virtual currencies

The FATF met with experts on virtual currencies to discuss how virtual currencies and their exchangers operate, the associated money laundering and terrorist financing risks, what measures countries and financial institutions are taking to assess and mitigate those risks, and what regulatory approaches are currently being taken. This feedback will be taken into consideration as the FATF continues to look at the issue of virtual currencies.

  • United Nations sanctions lists

The FATF met with experts from the United Nations and the private sector to discuss ways to improve the technical accessibility and usability of the United Nations sanctions lists (see also FATF Recommendations 6 and 7).

  • Recent developments in FATF work

The FATF updated the members of the Forum about recent activities and developments, including outcomes of a recent dialogue between FATF AML/CFT and data protection experts' seminar which took place in Brussels earlier in the week, the adoption of detailed processes and procedures to conduct the 4th round of FATF mutual evaluations, and the publication of the following guidance and typologies reports which were developed with key input from the private sector:

The Private Sector Consultative Forum plays an important role in fostering effective implementation of the FATF Recommendations by bringing together representatives of sectors which are subject to AML/CFT requirements the financial sector and other designated businesses and professions, civil society, and policy makers to discuss issues of common interest. The FATF reiterates its commitment to continuing engagement with the private sector, and recognises the value that such dialogue brings to the work of the FATF.