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Financial Action Task Force (FATF) plenary, 21-23 June 2023.
☑️ FATF: Jurisdictions under Increased Monitoring – 23 June 2023:
👉 Added: Cameroon, Croatia and Vietnam
👉 Removed: No jurisdiction has been removed
👉 See below the Most recent lists of:
➜ EU-High-Risk Third countries
➜ FATF High-Risk Jurisdictions subject to a Call for Action (Black List)
➜ FATF List of jurisdictions under increased monitoring (Grey List)
➜ EU list for non-cooperative jurisdictions for Tax purposes
Other important outcomes:
➜ FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system
➜ FATF Members agreed to publish the fourth targeted update on the implementation of the FATF Recommendations on virtual assets and virtual asset service providers
➜ FATF Members advanced the work on preventing the misuse of non-profit organisations (NPOs) and agreed to release for public consultation potential revisions to Recommendation 8 and the updated FATF Best Practices paper on combating the abuse of NPOs
➜ FATF members were updated on the progress of ongoing work, including projects on the misuse of citizenship and residency by investment schemes, money laundering and terrorist financing related to cyber-enabled fraud, and on the use of crowdfunding for terrorist financing
➜ The Plenary discussed potential enhancements to its Recommendations 4 and 38, to provide countries with stronger legal measures to freeze, seize and confiscate criminal property and property of corresponding value, including non-conviction based confiscation
➜ The FATF discussed and adopted the mutual evaluation report of Luxembourg which assessed the effectiveness of that country’s measures to combat money laundering and terrorist financing, and their compliance with the FATF Recommendations
➜ The Plenary concluded that Luxembourg has reached a high level of technical compliance with the FATF’s requirements and its AML/CFT regime is delivering good results
➜ FATF Members agreed on new projects, including a project to enhance money laundering investigations and prosecutions