EAG experts take part in FATF Plenary meeting and Working Group sessions in Paris on October 18-22

One of the key issues of the agenda was the continuation of the FATF’s work on reviewing the standards in preparation for the upcoming 4th round of mutual evaluations. The FATF expects to conclude revising the 40+9 Recommendations, which are aimed at enhancing the global AML/CFT system in the face of new threats and challenges, in October 2011.

The proposed amendments of the Recommendations cover implementing the Risk-Based Approach, including tax crimes as a predicate offence for money laundering, strengthening and specifying requirements to monitor transactions with use of new payments methods and various e-technologies as well as including a reference of the UN Convention against Corruption concerning domestic PEPs. The FATF seeks active contribution to the revision process from the private sector and wishes to receive the views of all interested parties up to January 7, 2011. The first Consultations Forum with the private sector will be held end November in Paris.

Certain revisions are also aimed at implementing the FATF initiative on exploring how the current framework of AML/CFT measures may be utilized in the Mexican presidency’s fight against corruption the following the call of the G20. As a result of the Plenary a Reference Guide and Information Note on the use of the FATF Recommendations to support the fight Corruption was published.

The FATF has continued its work to identify high-risk and non-cooperative jurisdictions. As a result of the Plenary two public documents were updated:

• FATF public statement; 
• Improving global AML/CFT Compliance: On-going Process 

Turkmenistan, which is an EAG member state, will remain under the FATF enhanced follow-up until the EAG mutual evaluation. The Plenary meeting adopted the FATF typology reports on new payment methods and risks of money laundering and terrorist financing through trust and company service providers.

The subject of ML/TF risks through new payment methods is highly relevant for many FSRBS. Similar projects are being conducted in cooperation with the EAG and MONEYVAL and preliminary results will be discussed in the course of a joint typologies seminar in November in Moscow.