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FATF’s 5th Plenary held in Paris, France from 21-23 February 2024

Published on February 27, 2024
Current Context: The 5th Plenary of the Financial Action Task Force (FATF) was held in Paris, France from 21-23 February 2024. The Plenary was presided over by T. Raja Kumar of Singapore.
FATF’s 5th Plenary held in Paris, France from 21-23 February 2024
  • Delegates from the FATF’s Global Network of over 200 jurisdictions and observers from international organisations participated in three days of discussions on key money laundering, terrorism financing and proliferation financing issues.
  • Key outcomes of the Plenary include:
    • A new risk-based guidance for the implementation of Recommendation 25 on the beneficial ownership and transparency of legal arrangements.
    • This completes the FATF’s body of work to enhance transparency of beneficial ownership globally and prevent criminals and terrorists from hiding their activities and funds behind complex corporate structures and legal arrangements such as trusts.
    • The Plenary agreed to release for public consultation, a range of options for potential changes to Recommendation 16 and its Interpretive Note on wire transfers.
    • The proposed revisions seek to adapt FATF Standards to the changes in payment systems’ business models and messaging standards and ensure that they remain technology-neutral.
    • The Plenary finalised modifications to its assessment methodology to reflect the recent revisions to the FATF Standards to protect non-profit organisations from potential abuse for terrorist financing.
    • The FATF identified jurisdictions with materially important virtual asset activity, to support them in implementing the FATF’s requirements to supervise and regulate this activity.
    • The FATF updated the statements identifying high-risk and other monitored jurisdictions and removed four countries from its increased monitoring list following successful on-site visits.
    • The countries removed from the list are Barbados, Gibraltar, Uganda and the United Arab Emirates.
    • The FATF added Kenya and Namibia to the list of jurisdictions subject to increased monitoring.
    • The Plenary agreed on the appointment of a new President of the FATF (2024-2026).
    • The FATF issued a statement on the Russian Federation.

Question:

Q.1 Which countries were removed from the FATF’s increased monitoring list?
a. India, China, Russia, and Germany
b. Barbados, Gibraltar, Uganda, and the United Arab Emirates
c. Kenya, Namibia, Australia, and Canada
d. France, Italy, Spain, and Greece
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