Representatives of the EAG took part in the FATF Plenary meeting, which was held on October 27-28, 2011 in Paris

One of the key issues on the agenda of the meeting was the review of the FATF Recommendations. The group continues the work on updating the international standards of combating money laundering and the financing of terrorism.

In this connection, special attention is paid to the Consultations with the private sector. During the meeting, the FATF summarized the results of the two rounds of Consultations and agreed to hold in December 2010 the Consultative forum with the private sector, in the course of which it is proposed to adopt a final version of the Recommendations.

In January the FATF will hold a Special Plenary meeting, in the framework of which the text of the updated Recommendations will be summarized to the final adoption of the new version in February of the same year.

Initiatives on promotion and protection of the global financial system from the ML/FT threats and risks were enshrined in the public statement and the document Improving Global AML/CFT Compliance: on-going process - 28 October 2011 in which the Group identifies jurisdictions with strategic deficiencies.

The FATF noted the significant success of Ukraine in the elimination of strategic deficiencies in the AML/CFT system. According to the results of the Plenary discussion and the high-level mission to the country by the decision of the Plenary meeting Ukraine was removed from the enchanced monitoring procedure.

In addition, the issue of the associate membership and the developiment of the new standards of work of the FATF-style regional bodies was considered. It is an important step for further development of cooperation between the FATF and the FSRBs.

At the meeting the progress reports of Greece and Argentina were discussed. Also the FATF has started the monitoring of the voluntary tax compliance programme in Bangladesh to prevent its use for the purpose of money laundering and financing of terrorism.