On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation. The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to identify, assess, understand and mitigate their proliferation financing risks. The non-binding guidance draws on the experiences of countries and of the private sector, and may assist competent authorities and private sector entities to effectively implement the new obligations.