Conclusions from FATF plenary

FATF held its latest plenary session from 22-24 February. Key decisions and updates were:

• To suspend the membership of the Russian Federation;
• Adding South Africa and Nigeria to the list of jurisdictions under increased monitoring and removing Morocco and Cambodia from the list;
• revisions to Recommendation 25 on transparency and beneficial ownership of legal arrangements and new guidance on Recommendation 24;
• an action plan on timely implementation of standards in relation to virtual assets;
• a report on ransomware; and
• agreeing the list of countries to be assessed during the first year of the 5th round of mutual evaluations.