PARIS – Financial Action Task Force (FATF), a global body for anti-moneylaundering and combating the financing of terrorism has unveiled a newcounter terrorism financing four points agenda.
FATF said on Friday that it will continue to focus its efforts on ensuringthat its standards provide strong and powerful tools to enable countries toprotect the integrity of the financial system and contribute to safety andsecurity.
After the FATF plenary meeting held in Paris (21-23 February 2018), itsaid, “In February 2016, following the terrorist attacks in Paris, the FATFhad adopted a consolidated strategy to combat terrorist financing and anoperational plan to focus its work in four key areas. Since then, the FATFhas intensified its action to identify new and developing terroristfinancing threats, strengthen or refine its standards accordingly andassess whether countries have implemented sound and effective measures todetect, prevent and punish cases of abuse of the financial system insupport of terrorism. The FATF has achieved significant results in the fourkey areas identified in the 2016 operational plan.”
It added, “To further enhance the international fight against terroristfinancing, the Plenary has adopted a new operational plan of action. Thisoperational plan is a living document that provides a framework for aflexible and dynamic response to terrorist financing threats. It will buildon existing results and focus on new areas which will increaseunderstanding of terrorist financing risks and the effectiveness ofmeasures to address these risks, while also being flexible to address thecontinuous evolution of this threat.”
As per the official statement, the main issues dealt with by the plenarywere:
– Combatting terrorist financing, including the adoption of a newcounter-terrorist financing operational plan and a statement on the actionstaken under the 2016 counter-terrorist financing strategy.
– Adoption of a report to the G20 Finance Ministers and Central BankGovernors.
– Updated FATF Guidance on Counter Proliferation Financing.
– Amendments to Recommendation 2 on national cooperation and coordination.
– Discussion of the mutual evaluation report of Iceland.
– Follow-up reports for the mutual evaluations of Spain and Norway whereboth countries sought technical compliance re-ratings.
– Brazil’s progress in addressing the deficiencies identified in its mutualevaluation report since it agreed to an action plan in November 2017.
– Two public documents identifying jurisdictions that may pose a risk tothe international financial system – Jurisdictions with strategicanti-money laundering and countering the financing of terrorism (AML/CFT)deficiencies for which a call for action applies and jurisdictions withstrategic AML/CFT deficiencies for which they have developed an action planwith the FATF.
– Monitoring Iran’s actions to address deficiencies in its AML/CFT system.
– AML/CFT improvements in Bosnia and Herzegovina.
– Revisions on information sharing to the FATF Methodology.
– Improving the understanding of virtual currencies risks.
– Improving the effectiveness of the Criminal Justice System – FATF globalengagement with judges and prosecutors.