Article

Outcome FATF Plenary of 21-23 June 2017

On 23 June 2017 the Financial Action Task Force (FATF) published a statement on the outcome of its plenary meeting in Valencia.

Article from Regulatory Newsflash of 6 July 2017

Introduction

Below is an overview of the main issues addressed in the statement on the outcome of the plenary meeting.

Regulatory Newsflash

Main issues dealt with

  • Work on combating terrorist financing
  • Work on improving transparency and beneficial ownership
  • Impact of recent FATF work on de-risking
  • Mutual evaluation reports of Denmark and Ireland
  • Jurisdictions that may pose a ML/FT risk:
    • List of jurisdictions that have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF: Afghanistan and Lao PDR have been removed from the list (1)
    • Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial (ML/FT) risks: Democratic People's Republic of Korea (North Korea) remains on the list
    • Jurisdictions subject to a FATF call on its members and other jurisdictions to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction: Iran remains on the list

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(1) Following countries remain on the list: Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu, Yemen

Interested in further information?

If you are interested in a further discussion on the impact of geographical risks or in a specific training on the management of sanctions and embargoes, you can always contact our dedicated specialists: Caroline Veris, Edwin Somers or Inneke Geyskens-Borgions.

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