The Financial Action Task Force (FATF) held its plenary meeting on 24-26 June 2015.

The main issues dealt with by the FATF were:

1. issuing a statement and setting out a future work plan on “de-risking”;
2. producing two public 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 (anti-money laundering (AML) and counter-terrorist financing (CFT)) deficiencies for which a call for action applies; and
   2. jurisdictions with strategic AML/ CFT deficiencies for which they have developed an action plan with the FATF;
3. continuing its work on terrorist financing, which remains a priority;
4. receiving an update on AML/ CFT improvements in Indonesia;
5. discussing the mutual evaluation report on compliance with the FATF recommendations of Malaysia;
6. welcoming the Kingdom of Saudi Arabia as an observer to the FATF;
7. adopting and publishing:
   1. revised best practices on combating the abuse of non-profit organisations under recommendation 8;
   2. guidance for a risk-based approach to virtual currencies; and
   3. a typologies report on the money laundering and/or terrorist financing risks and vulnerabilities associated with gold; and
8. indicating its support for a proposal from the Republic of Korea to establish an AML/CFT training and research institute in the Republic of Korea.

Copies of the

• “de-risking” statement; http://www.fatf-gafi.org/documents/news/derisking-goes-beyond-amlcft.html
• public statement; http://www.fatf-gafi.org/documents/news/public-statement-june-2015.html
• compliance process; http://www.fatf-gafi.org/topics/high-riskandnon-cooperativejurisdictions/documents/fatf-compliance-june-2015.html

NON PROFIT ORGANISATIONS

• revised best practices  http://www.fatf-gafi.org/media/fatf/documents/reports/BPP-combating-abuse-non-profit-organisations.pdf
• webpage; http://www.fatf-gafi.org/topics/fatfrecommendations/documents/bpp-combating-abuse-npo.html
• virtual currency guidance  http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf
• webpage;  http://www.fatf-gafi.org/topics/fatfrecommendations/documents/guidance-rba-virtual-currencies.html
• press release  . http://www.fatf-gafi.org/documents/news/outcomes-plenary-june2015.html