On 28 June 2021, the Financial Action Task Force (FATF) published:
- A press release concerning the outcomes of the FATF Plenary held on 20-25 June 2021. The press release for the plenary reports that delegates finalised work in a number of important areas. These include a report that details the financial flows linked to environmental crime and a report on the financing of ethnically or racially motivated terrorism, both priorities under the FATF’s German Presidency. The FATF also completed a second 12-month review of the progress within the FATF Global Network on implementing the FATF’s revised standards on virtual assets and virtual asset service providers. The FATF finalised two reports as part of its project to explore the challenges and opportunities of technological innovation to make anti-money laundering and counter terrorist financing efforts more effective. The FATF also finalised a report for government authorities that identifies concrete actions to improve asset recovery outcomes, which will help increase assets returned to the victims of crime and remove the drivers for criminal activity. Finally, the FATF agreed to release a white paper for public consultation on the transparency and beneficial ownership of legal persons to strengthen measures that will prevent criminals from hiding illicit activity and proceeds, a global priority.
- Updated lists regarding jurisdictions under increased monitoring and high risk jurisdictions subject to a call for action.
- Report on money laundering from environmental crime. The report identifies methods that criminals use to launder proceeds from environmental crime, but also tools that governments and private sector can apply to disrupt this activity. When properly implemented, the FATF Recommendations provide effective tools to go after these illicit financial flows.
- Consultation paper regarding revisions to Recommendation 24. The FATF is considering potential amendments to Recommendation 24 on the transparency and beneficial ownership of legal persons. The FATF’s objective is to strengthen the international standard on beneficial ownership of legal persons so as to ensure greater transparency about the ultimate ownership and control of legal persons, providing competent authorities timely access to adequate, accurate and up-to-date beneficial ownership information, and to take more effective action to mitigate the risks of misuse. The deadline for comments on the consultation paper is 20 August 2021.