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BOUVET ISLAND EYES FINANCIAL ACTION TASK FORCE (FATF) GUIDELINES REVISIONS
In a move aimed at enhancing international cooperation against money laundering and terrorist financing, the Financial Action Task Force (FATF) has introduced several key revisions to its guidelines. The latest amendments aim to strengthen the global fight against these criminal activities.
Recent Revisions
February 2013 Plenary Meeting
The FATF Plenary saw the insertion of a reference to DNFBP secrecy or confidentiality laws not affecting the provision of mutual legal assistance, except where relevant information is held under circumstances of legal professional privilege or legal professional secrecy. This revision aimed to address concerns over the potential impact of such laws on international cooperation.
October 2015 Plenary Meeting
The FATF Plenary made significant revisions to Recommendation 5 and its interpretive note, addressing the foreign terrorist fighters threat. The updated guidelines clarified that countries must criminalize financing the travel of individuals who join or support terrorist groups.
June 2016 Plenary Meeting
Revisions were made to Recommendations 8 and 38, as well as the introduction of new definitions in the glossary. The updates aimed to clarify the subset of non-profit organizations (NPOs) subject to supervision and monitoring, aligning with FATF’s Typologies Report on Risk of Terrorist Abuse in Non-Profit Organisations.
Other Notable Revisions
- Addition of an interpretive note to Recommendation 15 in June 2019, which sets out the application of FATF standards to virtual asset activities and service providers.
- Introduction of revisions to Recommendations 1 and 2, as well as new definitions in the glossary, aimed at strengthening measures against proliferation financing in October 2020.
- Clarifications on the interaction between Recommendation 22/23 and the Glossary definition of “financial group”, as well as revisions to Recommendations 24 and 25 to strengthen standards on beneficial ownership.
Recent Developments
The most recent developments saw the revision of Recommendations 4, 30, 31, 38, and 40 in October 2023, which aimed to clarify asset recovery standards. Additionally, revisions were made to Recommendation 8 and its interpretive note to strengthen implementation of focused measures on non-profit organizations.
Conclusion
These revisions demonstrate the FATF’s ongoing commitment to enhancing global cooperation against money laundering and terrorist financing, ultimately contributing to a safer financial system for all.