The Financial Action Task Force (FATF) has issued a press release following its latest plenary meeting. The main issues dealt with at the meeting were:

1. updates on the FATF’s efforts to combat terrorist financing including
   1. (i) updating the 2015 report on ISIL financing to reflect recent developments,
   2. (ii) revising FATF recommendation 8 to protect non-profit organisations from terrorist financing abuse, and
   3. (iii) publishing a guide to assist the development or review of domestic and foreign asset freezing requests;
2. consideration of two documents identifying jurisdictions that may pose a risk to the international financial system:
   1. jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies for which a call for action applies; and
   2. jurisdictions with strategic AML/CFT deficiencies which have developed an action plan with the FATF;
3. further work
   1. to improve the implementation of the FATF standard on beneficial ownership information on legal persons and legal arrangements;
   2. the consolidation of FATF standards on information sharing;
   3. a discussion of the mutual evaluation reports of Austria, Canada and Singapore;
   4. a statement on Brazil’s progress in addressing the serious deficiencies identified in its mutual evaluation reports;
   5. an update on AML/CFT improvements in Myanmar and Papua New Guinea;
   6. a discussion on Iran’s engagement with the FATF;
   7. developments in the decline in correspondent banking; and
   8. the establishment of the FATF training and research institute (TREIN).

Copies of the press release; http://bit.ly/291doyZ

The recommendations; http://bit.ly/1e7w0Gl

The webpage is available; http://bit.ly/293f9h7