On 26 June 2023, the Financial Action Task Force (FATF) published the outcomes from the FATF Plenary, which took place on 21-23 June 2023.

Delegates from over 200 jurisdictions of the Global Network and observers from international organisations participated in these discussions at the FATF headquarters in Paris.

The outcomes of the discussions included the following:

• The FATF reiterated its deepest sympathies to the people of Ukraine for the loss of life and destruction of infrastructure and society as a result of the Russian Federation’s ongoing military invasion of Ukraine. It confirmed that the suspension of the Russian Federation’s FATF membership continues to stand.
• All jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to promote the international financial system.
• FATF members agreed to publish the fourth targeted update on the implementation of the FATF recommendations on virtual assets and virtual asset service providers.
• FATF members advanced the work on preventing the misuse of non-profit organisations (NPOs) and agreed to release for public consultation potential revisions to Recommendation 8 and the updated FATF Best Practices paper on combatting the abuse of NPOs.
• The Plenary discussed potential enhancements to its Recommendations 4 and 38, to provide countries with stronger legal measures to freeze, seize and confiscate criminal property and property of corresponding value, including non-conviction based confiscation. The FATF expects to complete these projects in October 2023.
• FATF members also agreed on new projects, including one to enhance money laundering investigations and prosecutions.