Tanzania, Mozambique and the DRC have been grey-listed by Financial Action Task Force (FATF) re: strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing.

    Outcomes FATF Plenary, 20-21 October 2022
    Paris, 21 October 2022 - The first Plenary of the FATF under the Presidency of T. Raja Kumar of Singapore concluded today. Delegates from over 200 jurisdictions of the Global Network participated in these discussions at the FATF headquarters in Paris.
    The FATF reiterated its deepest sympathies for the needless loss of life, suffering and destruction caused by the ongoing Russian invasion of Ukraine.
    Russia’s actions continue to violate FATFs core principles, which aim to promote security, safety and the integrity of the financial system. As a result of Russia’s continuing actions, the FATF has decided to impose additional restrictions on the country’s remaining role, including by barring them from participating in current and future FATF projects.  Russia is also barred from participating in meetings of the FATF-Style Regional Bodies as an FATF Member. These measures expand on the actions that the FATF took in June, which stripped Russia of all its leadership roles among other restrictions.  The FATF will continue to monitor the situation and consider at each of its Plenary meetings whether  grounds exist for lifting or modifying these restrictions.
    Following the statements issued in March, April and June 2022, the FATF reiterates that all jurisdictions should be vigilant to emerging risks from the circumvention of measures taken against Russia in order to protect the international financial system.
    FATF members agreed to release, for public consultation, draft guidance on Recommendation 24 to help countries and the private sector implement FATF’s strengthened requirements on beneficial ownership to prevent criminals from hiding illicit activity behind opaque corporate structures. FATF also approved the release of a public consultation document on proposed revisions to Recommendation 25 on transparency and beneficial ownership of legal arrangements.
    FATF members also approved a report on the illicit proceeds generated from the supply chains for fentanyl and related synthetic opioids and discussed a report on money laundering through arts, antiquities and other cultural objects, which will be finalised by February 2023.
    Delegations were updated on other ongoing work, including a project on countering the laundering of proceeds from ransomware attacks, and work to update to the FATF best practices paper on combating the abuse of non-profit organisations. Delegations were also updated on projects and activities to implement the March 2022 Strategic Vision for the Global Network of 206 jurisdictions that have jointly agreed to strengthen their regimes to tackle money laundering, terrorist and proliferation financing.

    Compliance with the FATF Standards

    Jurisdictions under Increased Monitoring
    Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolve swiftly the identified strategic deficiencies within agreed timeframes. New jurisdictions subject to increased monitoring are the Democratic Republic of Congo (DRC), Mozambique and Tanzania.

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    Evarist Chahali

    Evarist Chahali

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