Friday, the Financial Action Task Force (FATF) concluded the third plenary of the Singaporean presidency, during which it advanced its anti-corruption agenda, approved for public consultation a revised non-profit standard, and discussed the limited progress on global implementation of the FATF standard on virtual assets. The FATF also discussed potential revisions to its standards on asset recovery, which will be readdressed later this year.
“The United States commends the FATF’s continued efforts to combat corruption and to support access to financial services for humanitarian organizations,” said Secretary of the Treasury Janet L. Yellen.
The FATF also announced the addition of EU member state Croatia to its "grey list" of countries under special scrutiny, along with Cameroon and Vietnam. FATF Black and Grey Lists can be reviewed [here]
This was the first Plenary after the FATF took historic steps in February to suspend the Russian Federation from its membership for its gross violation of the commitment to international cooperation and mutual respect upon which FATF members agreed to implement as well as supporting the FATF Standards.
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