On 27 June 2019, the Financial Action Task Force (FATF) published its report to the G20 leaders’ summit. The report provides an overview of the FATF’s recent and future work.
The FATF’s future work includes:
- a review of countries’ and providers’ implementation of the requirements applicable to virtual assets and virtual asset service providers in June 2020;
- developing countries’ capacity to understand terrorist financing risk, improving the effective implementation of the FATF standards, and supporting the development of counter terrorist financing regimes and enhancing dialogue in higher-risk regions;
- continuing to improve the transparency and availability of beneficial ownership information. In particular, at the FATF private sector consultative forum on 6 – 7 May 2019, participants exchanged views on the key features in different systems and shared their opinions on the key factors of an effective system to promote beneficial ownership transparency consistent with the FATF standards. FATF will continue to work on this project, which is expected to be published by the end of this year;
- guidance on the application of the FATF recommendations on customer due diligence in a digital ID context. The guidance will aim to provide comfort to those seeking to harness responsible innovation by clarifying how digital forms of identification, verification and authentication could be used during the customer due diligence process; and
- on-going work to combat de-risking. The FATF considers addressing de-risking as a strategic priority for the international community.
