FATF concludes plenary, marks milestones on evaluations and monitoring

During the meeting, representatives from over 200 jurisdictions participated in discussions on critical issues including money laundering, terrorism financing, and proliferation financing. This meeting marked the completion of the FATF’s fourth assessment cycle, along with the approval of new standards, guidance, and a strategic initiative to enhance the organisation’s inclusivity.

Completion of mutual evaluations and monitoring updates 

An important milestone achieved at the Plenary was the approval of two mutual evaluation reports: one for Argentina in cooperation with GAFILAT and another for Oman with MENAFATF. Argentina’s evaluation highlighted improvements in anti-money laundering (AML) and counter-terrorism financing (CFT) measures since its last assessment in 2010, especially in areas of domestic agency cooperation.  

Nevertheless, Argentina faces challenges related to understanding and prosecuting money laundering risks, particularly those arising from corruption and unregulated financial sectors. Oman’s evaluation indicated significant strides in compliance, particularly in the use of financial intelligence and international cooperation, although areas remain where it could improve effectiveness, such as improving investigative procedures and the confiscation of crime proceeds. 

The FATF also announced the removal of Senegal from its list of jurisdictions under increased monitoring following a successful on-site review, while Algeria, Angola, Côte d’Ivoire, and Lebanon were added to this list, requiring further action plans to address identified strategic deficiencies.

Expanding global network engagement and inclusivity initiatives 

In alignment with its inclusivity goals, the FATF, under the Mexican Presidency, welcomed the Cayman Islands and Senegal to participate in Plenary discussions and working groups as guest jurisdictions. This engagement is part of an initiative to expand representation within the FATF, especially from regions not actively involved in its regional bodies. 

The Plenary also discussed progress on the Women in FATF and Global Network (WFGN) initiative, with plans for a new mentoring program to further enhance gender diversity and inclusivity across the FATF’s operations. 

FATF members received updates on several ongoing projects, including the evolution of standards for cross-border payments and emerging threats in terrorist financing. The FATF is also initiating a project targeting financial transactions linked to online child exploitation, aiming to curb these crimes by identifying suspicious financial patterns.