The Financial Action Task Force (FATF) has published a press release following its meeting of the Private Sector Consultative Forum in Brussels from 26 to 27 March 2015.

Highlights from the meeting include that:

• given the increasing number of terrorist attacks, the FATF has moved terrorist financing to the top of the FATF agenda. Going forward, the FATF will focus on countries’ implementation of measures to combat terrorist financing and will undertake further work in this area; and
• the FATF reiterated its position on “de-risking” and the need for financial institutions and other designated businesses and professions to undertake proper implementation of the risk-based approach. The FATF also clarified that the FATF standards do not require a “know-your-customer’s-customer” approach to conducting customer due diligence.

View Dialogue with the Private Sector, 27 March 2015