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News AML/FT

May 2021

Webinar on Risk-Based Supervision - Supervising the private sector’s efforts to combat money laundering - moving from ticking boxes to mitigating risks

The FATF has hosted a webinar: webinar on risk-based supervision.

In this Webinar, the authors of the FATF's Risk-Based Supervision Guidance speak about assessing risks and applying that understanding to prioritize supervisors' day-to-day work. In addition, the private sector and the financial inclusion community speak about what effective supervision means to them.

March 2021

Guidance on Risk-Based Supervision

The FATF recently published a new document: Guidance on Risk-Based Supervision

The Guidance on Risk-Based Supervision helps supervisors address the full spectrum of risks and focus resources where the risks are highest.

Unintended consequences of the FATF recommendations

In February 2021, FATF has launched a new project to investigate and restrict unintended consequences of an incorrect implementation of FATF standards. The project will focus on four main areas:

  1. De-risking, loss or limitation of access to financial services;

  2. Financial exclusion, a phenomenon that involves the exclusion of individuals from the formal financial system and denial of access to basic financial services;
  3. Obstruction of the functioning of the non-profit sector due to non-application of the risk-based approach of the FATF;
  4. Possible misuse of the FATF standards or AML/CFT assessment processes to restrict or suppress fundamental human rights;

The FATF values any input on these topics (academic research, industry and civil society perspectives, and documented cases of unintended consequences).

Information can be sent to pscf@fatf-gafi.org.

Input is welcome as long as the project is in progress, but should preferably be submitted by 20 April 2021.

More information

Webinar: Trade-based Money laundering

Trade-based money laundering is one of the most complex and flexible methods of money laundering. It is widely used by criminals to hide and move the proceeds of crime by mixing them up with legitimate business transactions.

In December 2020, the FATF and the Egmont Group of CRF published a report on Trade-based Money Laundering, which gives a detailed overview of the most recent trends and developments, as well as some good practices for authorities to deal with them (more information).

In March 2021, this report was supplemented by a list of risk indicators intended to help private sector companies detect Trade-based Money Laundering (more information).

On Thursday 18 March 2021 from 13:00 to 14:30 CET, the FATF organised a webinar to discuss the latest trends and developments in the area of trade-based money laundering. During the webinar, experts from different professional backgrounds presented their experiences and discussed the challenges faced by the government and the private sector in addressing this threat.

You can watch the webcast of the webinar by clicking here.

Public consultation on FATF draft guidance on a risk-based approach to virtual assets and virtual asset service providers

The FATF is updating its guidelines on a risk-based approach to virtual assets and virtual asset service providers (VASPs). In this context, the FATF is organising a public consultation with private sector stakeholders, inviting representatives of the VA community, including academics and political authorities, VASPs, technology developers and suppliers, other regulated entities (such as banks) or other players, to give their input by 20 April.

More information

June 2020

The FATF has just published a new document: Money Laundering and the Illegal Wildlife Trade

The illegal wildlife trade is a major transnational organized crime, which generates billions of proceeds of crime each year. The Financial Action Task Force (FATF) has conducted a new study to provide advice to countries on steps they can take to tackle money laundering from the illegal wildlife trade. This is the FATF's first global report on this subject. It draws on contributions and case studies from more than 50 countries in the FATF global network and observers, as well as civil society and the United for Wildlife Financial working group.

January 2020

Public consultation on an EU regulatory framework on crypto-assets

The Commission has launched a public consultation on an EU regulatory framework on crypto-assets.

The consultation also includes questions on money laundering aspects. All citizens and organisations are welcome to contribute to this consultation. 

You can respond to the consultation online at this link by 12 March 2020.

    October 2019

    JURISDICTIONS AT HIGH RISKS AND UNDER SUPERVISION

    The FATF has published a new public statement: Public Statement of 18 October 2019.

    BEST PRACTICES PAPER ON BENEFICIAL OWNERSHIP FOR LEGAL PERSONS

    The FATF published a document: "Best Practices on Beneficial Ownership for Legal Persons(link is external)".

    This paper provides examples of how countries can effectively implement the FATF Recommendations. It concerns the transparency of ultimate beneficiaries of legal persons. Various references are made to the way in which Belgium has approached this subject.

    August 2019

    GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS

    FATF has published a new documentGuidance fo ra risk-based approach to virtual assets and virual asset service providers.

    July 2019

    TERRORIST FINANCING RISK ASSESSMENT GUIDANCE 

    FATF has published a new document: Terrorist Financing Risk Assessment Guidance.

    ADAPTATIONS BROUGHT TO THE LAW ON FINANCIAL RESTRICTIVE MEASURES

    The FPS Finance has published information in this regard: news.

    GUIDANCE FOR A RISK-BASED APPROACH FOR LEGAL PROFESSIONALS

    FATF has published a new document: Guidance for a Risk-based Approach for Legal Professionals.

    GUIDANCE FOR A RISK-BASED APPROACH FOR THE ACCOUNTING PROFESSION

    FATF has published a new document: Guidance for a Risk-based Approach for the Accounting Profession.

    GUIDANCE FOR A RISK-BASED APPROACH FOR TRUST AND COMPANY SERVICE PROVIDERS

    FATF has published a new document: Guidance for a Risk-based Approach for Trust and Company Service Providers.

    June 2019

    High-risk and other monitored jurisdictions

    FATF has published a new public statement: Public statement of 21 June 2019.

    More information on High-risk countries.