By Rob Rowe
The Financial Action Task Force (FATF) Plenary held in Brisbane, Australia on June 26 adopted a number of reports including a revised best practices on combating the abuse of non-profit organization, and guidance for a risk-based approach to virtual currencies. The Plenary also discussed the Mutual Evaluation report on Malaysia and an update on the anti-money laundering and combating the financing of terrorism (AML/CFT) improvements in Indonesia.
The FATF issued a statement on ‘de-risking’ as well as updated statements concerning high-risk and non-cooperative jurisdictions. The FATF also welcomed the Kingdom of Saudi Arabia as an observer to the FATF.
On July 1, Mr. Je-Yoon Shin of South Korea assumed the position of President of FATF, succeeding Mr. Roger Wilkins AO of Australia. Mr. Shin, who will serve a one-year term, presented his 2015-2016 objectives for FATF at the Plenary in June.
His objectives include enhancing FATF and FATF-style regional body’s (FSRB) efforts in countering terrorist financing; addressing the challenges faced by the fourth round of mutual evaluations; reinforcing the global AML/CFT network; and, engagement with the private sector.
Juan Manuel Vega Serrano, the Director and CEO of SEPBLAC, Spain’s Financial Intelligence Unit and AML/CFT Supervisory Authority, will serve a one-year term as FATF Vice President.
