Revision of Recommendation 2 and a new Interpretive Note to Recommendation 2 1 and INR.1 to require countries, financial institutions and DNFBPs to identify and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions related to proliferation financing, as contained in FATF Recommendation 7, and to take action to mitigate these risks. Revision of Recommendation 1 and Interpretive Note to Recommendation 1 Outcomes FATF Plenary, 21-23 October 2020 Insertion of an Interpretive Note that sets out the application of the FATF Standards to virtual asset activities and service providers. Revision of R.15 and addition of new definitions “virtual asset” and “virtual asset service provider” in order to clarify how AML/CFT requirements apply in the context of virtual assets.Īddition of Interpretive Note to Recommendation 15 Revision of Recommendation 15 and addition of two new definitions in the Glossary Outcomes FATF Plenary, 17-19 October 2018 Revision of R2 to ensure compatibility of AML/CFT requirements and data protection and privacy rules, and to promote domestic inter-agency information sharing among competent authorities. 18 requirements with tipping-off provisions. It also includes providing this information to branches and subsidiaries when necessary for AML/CFT risk management. Revision of INR.18 to clarify the requirements on sharing of information related to unusual or suspicious transactions within financial groups. Revision of the Interpretive Note to Recommendation 18 Revision of the INR.7 and consequential revisions of the Glossary definitions of “Designated person or entity”, “Designation” and “Without delay” to bring the text in line with the requirements of recent United Nations Security Council Resolutions and to clarify the implementation of targeted financial sanctions relating to proliferation financing. Revision of the Interpretive Note to R.7 and the Glossary definitions of “Designated person or entity”, “Designation” and “Without delay” Outcomes of the Plenary meeting of the FATF, Valencia, 21-23 June 2017 Revision of the Glossary definition of “ funds or other assets” by adding references to oil and other natural resources, and to other assets which may potentially be used to obtain funds. Revision of the INR.5 to replace “ funds” with “ funds or other assets” throughout INR.5, in order to have the same scope as R.6. 5 and the Glossary definition of ' Funds or other assets' Outcomes of the Plenary meeting of the FATF, Paris, 19-21 October 2016 This brings INR.8 into line with the FATF Typologies Report on Risk of terrorist abuse in non-profit organisations (June 2014) and the Best Practices on Combating the Abuse of Non-Profit Organisations (June 2015) which clarify that not all NPOs are high risk and intended to be addressed by R.8, and better align the implementation of R.8/INR.8 with the risk-based approach. Revision of the standard on non-profit organisation (NPO) to clarify the subset of NPOs which should be made subject to supervision and monitoring. Outcomes of the Plenary meeting of the FATF, Busan Korea, 22–24 June 2016 This clarifies that Recommendation 5 requires countries to criminalise financing the travel of individuals who travel to a State other than their States of residence or nationality for the purpose of the perpetration, planning, or preparation of, or participation in, terrorist acts or the providing or receiving of terrorist training. Insertion of B.3 to incorporate the relevant element of United Nations Security Council Resolution 2178 which addresses the threat posed by foreign terrorist fighters. 5 to address the foreign terrorist fighters threat Insertion of the reference that DNFBP secrecy or confidentiality laws should not affect the provision of mutual legal assistance, except where the relevant information that is sought is held in circumstances where legal professional privilege or legal professional secrecy applies.įATF Plenary week from 17 October to 23 October 2015 Outcomes of the FATF Plenary, 20-22 February 2013Īlignment of the Standards between R.37 and R.40
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