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Outcomes FATF Plenary, 20-25 June 2021

Outcomes FATF Plenary, 20-25 June 2021

Monday, 28 June, 2021

Due to the COVID-19 pandemic, the delegates who act on behalf the 205 members of the Global Network and observer organizations, such as the IMF, the United Nations and the World Bank convened a meeting virtually. 

 

Reconstruction of the economy is essential, countries must continue to implement the FATF Standards, thus ensuring that criminals and terrorists do not find new and emerging legal loopholes to take advantage of.

 

In order to improve asset recovery results, the following initiatives were proposed:

 

  • Exploring the Opportunities and Challenges of Digital Transformation of AML/CFT
  • Virtual Assets: Adoption of Second 12-Month Review of Implementation
  • Money Laundering from Environmental Crime
  • Ethnically or Racially Motivated Terrorism Financing
  • Operational Challenges Associated With Asset Recovery
  • Strengthening Measures to Prevent the Financing of Proliferation of Weapons of Mass Destruction – new guidance and revised interpretive note
  • Strengthening the FATF Standards on Beneficial ownership - public consultation
  • Mitigating the Unintended Consequences of the FATF Standards

 

It is really a breakthrough in Strengthening the Global Network, new initiatives are more legally binding, consequently citizens who have digital assets or provide their personal data to a digital company feel safe.

 

Source

https://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-fatf-plenary-june-2021.html

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