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.