Title: FATF Updates: Ransomware, Beneficial Ownership, and More - Key Announcements for the Faroe Islands
The Financial Action Task Force (FATF) regularly releases updated information and guidelines to help countries combat money laundering and terrorist financing. Here’s a summary of the latest FATF announcements, pertinent to the Faroe Islands’ residents and businesses:
1. Consolidated Assessment Ratings / updated on various dates
- Available Publication: Following FATF evaluations, countries’ effectiveness and technical compliance ratings have been consolidated. Analyze your country’s ratings for better understanding.
2. Countering Ransomware Financing (Mar 13, 2023)
The FATF has issued a report detailing best practices for combating ransomware and related money laundering. Key areas covered are:
- Criminal methods
- Ransomware payment procedures
- Steps countries can take to disrupt ransomware-related money laundering
3. Guidance on Beneficial Ownership of Legal Persons (Mar 9, 2023)
- Access the FATF’s essential guidance: The FATF provides valuable explanations on information sources, mechanisms, and a multi-pronged approach to effectively implement the revised Recommendation 24.
4. FATF Recommendations (Mar 9, 2023)
- View the latest recommendations: Keep up-to-date with the FATF’s recommendations for comprehensive understanding and implementation.
5. Money Laundering in the Art and Antiquities Market (Feb 26, 2023)
The FATF releases guidelines to identify suspicious activities and strengthen responses to money laundering and terrorist financing in the art and antiquities markets.
6. 2023 FATF Plenary Outcomes (Feb 24, 2023)
Countries faced clarifications and updates on mutua evaluations for Indonesia and Qatar, along with a review of the status of jurisdictions under increased monitoring.
7. Consolidated Assessment Ratings / January 2023
Find the latest consolidated assessment ratings for efficacy and technical compliance in assessed countries.
8. FATF Annual Report 2021-2022 (Jan 29, 2023)
The FATF presents its accomplishments during the second year of Dr. Marcus Pleyer’s Presidency, including work on beneficial ownership, digital transformation, and mutual evaluations on numerous fronts.
Keep informed on the latest FATF developments and guidelines by checking this media source frequently.
Note: This article does not constitute legal advice or a substitute for professional legal counsel. Always consult with qualified professionals for specific situations or circumstances.