On 30 June 2023, the Financial Action Task Force (FATF) launched a public consultation on the revision of Recommendation 8 and its interpretive note.
The FATF is considering proposals for draft amendment text to Recommendation 8 of the FATF Standards and its interpretive note (R.8/INR.8), which aims to protect non-profit organisations (NPOs) from potential terrorist financing abuse.
The proposed revisions seek to address the problem of over-application of preventive measures to the NPO sector in some countries, recognising the negative impact this can have on legitimate NPO activities.
The deadline for feedback to the consultation is 18 August 2023.
At this stage the FATF has not approved the draft amendment text to R.8/INR.8 and will consider the views received to revise the text before its proposal for adoption at the FATF October 2023 Plenary.