FATF Releases Business Bulletin Updates

The Financial Action Task Force (FATF) released its Business Bulletin for July 2020 highlighting priorities for FATF under the German Presidency for the years 2020-2022 and FATF objectives under the Chinese Presidency. The bulleting also highlighted their Covid-19 webinar on the money laundering risk landscape.

FATF’s priorities for the first two-year Plenary period during German Presidency include:

  • Digital Transformation of anti-money laundering and counter terrorist financing (AML/CFT)
  • Financing of ethnically or racially motivated terrorism
  • Money laundering and migrant smuggling
  • Environmental crime
  • Illicit arms trafficking

FATF outlined the following program objectives planned under the Chinese Presidency regarding money laundering and terrorist financing (ML/TF) risks, including:

  • Virtual Assets and Virtual Asset Service Providers (VASPs), Guidance for a Risk-Based Approach,
    12-Month Review of Revised FATF Standards and FATF Report to the G20 on So-called Stablecoins
  • A landmark paper on the use of Digital I D
  • Best Practices Paper on Beneficial Ownership
  • Strategic Review, agreeing on the future direction and framework for FATF mutual evaluations and follow-up processes
  • Supervisors' Forums to improve the effectiveness of supervision
  • A new e-learning platform for the Global Network membership
  • Report on Money Laundering and the Illegal Wildlife Trade
  • Responses to COVI D-19