On 24 February 2023, the Financial Action Task Force(FATF) published the outcomes of its Plenary on 22-24 February 2023.

On 24 February 2023, the second Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded. Delegates from over 200 jurisdictions of the global network participated in these discussions at the FATF headquarters in Paris.

The outcomes from the Plenary include:

  • The FATF Plenary suspended the membership of the Russian Federation, following the illegal invasion of Ukraine.
  • The FATF will publish the Indonesia and Qatar reports by May after the FATF’s quality and consistency review is completed.
  • Morocco and Cambodia are no longer subject to the FATF’s increased monitoring process, but will continue to work with the FATF-style regional body (FRSB), of which they are a member, to further strengthen their AML/CFT regimes.
  • The FATF Plenary has now finalised a guidance document, which will help countries implement the revised requirements of Recommendation 24. This also includes assessing and mitigating the money laundering and terrorist financing risks associated with foreign countries to which their countries are exposed. The guidance will be published in March 2023.
  • The Plenary agreed on enhancements to Recommendation 25 on legal arrangements to bring its requirements broadly in line with those for Recommendation 24 on legal persons to ensure a balanced and coherent set of FATF standards on beneficial ownership.
  • The FATF has completed research that analyses the methods that criminals use to carry out their ransomware attacks and how they launder ransom payments. The report will be published in March 2023 and includes a list of risk indicators that can help public and private sector entities identify suspicious activities related to ransomware.
  • The FATF finalised a report that explores the link between money laundering and art and antiquities. The report also explores how terrorist groups can use cultural objects from areas where they are active to finance their operations. The report includes a list of risk indicators that can help public and private sector entities identify suspicious activities in the art and antiquities markets, and highlights the importance of rapidly identifying and tracing cultural objects in money laundering and terrorist financing. The report was published on 27 February 2023.
  • The Plenary selected Mr. Jeremy Weil, from Canada to be the next FATF vice president from 1 July 2023 for two years.