Next round of the FATF Consultations with the private sector took place in Milan (Italy)

On 5-6 December 2011 Milan (Italy) hosted the FATF Consultative forum, which brought together the major financial institutions - credit organizations, the association of insurers and professional participants of the securities market; DNFBPS - lawyers, notaries, accountants and auditors, as well as non-governmental organizations "Transparency International" and "Global Witness". Russia was presented by the representatives of the Eurasian group.

The meeting discussed the issues, related to the new version of the FATF Recommendations, the adoption of which is planned on February 2012. In particular, considerable attention of the participants of the event was paid to the changes in the revised Recommendation 6 (politically exposed persons), the use of the risk-based approach by the private sector, the problems of beneficial owners in the context of Recommendations 5 and 33, as well as the upcoming changes of Recommendations 9, 4 and 15 and the Special Recommendations III, VII, and X.