Title: FATF in Equatorial Guinea: Latest Developments and Guidance on AML/CFT Measures

The Financial Action Task Force (FATF) has intensified its focus on Equatorial Guinea as part of its efforts to combat money laundering, terrorist financing, and proliferation financing worldwide. In this article, we provide a summary of the latest FATF advisories, reports, and assessments concerning Equatorial Guinea.

FATF Developments Impacting Equatorial Guinea 📜

1. Countering Ransomware Financing (Mar 13, 2023)

The FATF published a report on ransomware attacks and the laundering of ransom payments. Although Equatorial Guinea isn’t mentioned explicitly in the report, it’s crucial information for authorities and financial institutions to help counter these sophisticated schemes.

2. Beneficial Ownership of Legal Persons (Mar 9, 2023)

The FATF’s updated guidance on beneficial ownership of legal persons aims to help jurisdictions implement revised Recommendation 24. Equatorial Guinea and other countries should focus on providing accessible, accurate, and up-to-date information on the true owners of companies to ensure effective anti-money laundering (AML) and counter-terrorist financing (CTF) regimes.

3. FATF Recommendations (Mar 9, 2023)

Staying informed about the most recent FATF recommendations is vital in effectively countering money laundering, terrorist financing, and proliferation financing. Equatorial Guinea and other countries need to comply with the latest regulations and guidance to maintain a robust AML/CTF regime.

4. Money Laundering and Terrorist Financing in the Art and Antiquities Market (Feb 26, 2023)

This report sheds light on suspicious activities in the art and antiquities markets, which could be targeted in Equatorial Guinea due to its substantial cultural and artistic wealth.

5. FATF Plenary Outcomes (Feb 24, 2023)

The recent FATF Plenary led to several significant decisions concerning Mutual Evaluations, strategic priorities, and ongoing work on virtual assets and virtual asset service providers.

6. Consolidated Assessment Ratings (Jan 30, 2023)

Countries, including Equatorial Guinea, received updated consolidated assessment ratings following FATF and FSRB-conducted peer reviews. These evaluations assess the effectiveness and technical compliance of each country’s AML/CTF measures.

Stay Informed and Stay Ahead 📲

Stay updated on these topics and related documents by visiting the FATF website for additional information. As the FATF continues its mission to combat financial crimes worldwide, we’ll bring you more news and insights.