OUTCOMES OF PLENARY MEETING OF THE FATF

The first Financial Action Task Force (FATF) plenary meeting of Plenary year FATF-XXVI was held in Paris on 22-24 October 2014.

The main issues addressed by this plenary were:

issuance of a statement to clarify the risk-based approach in the light of the de-risking phenomenon;
an expression of concern with the financing generated by and provided to the terrorist group the Islamic State of Iraq and the Levant (ISIL);
production of two public documents identifying jurisdictions that may pose a risk to the international financial system, that is jurisdictions:

with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies for which a call for action applies; and
with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF,

discussion of the fourth round of mutual evaluation reports on compliance with the FATF recommendations for Norway and Spain;
approval of Turkey’s exit from the targeted follow-up process of the third round of mutual evaluations;
a welcoming of Japan’s progress in its legislative actions, and encouragement of Japan to continue addressing deficiencies, including through the adoption of relevant bills;
receipt of an update on AML/CFT improvements in Argentina, Cuba, Ethiopia, Tajikistan and Turkey;
review of the voluntary tax compliance programmes in several jurisdictions; and
adoption and publication of;