FATF holds plenary

FATF has held its latest plenary session. It agreed several reports, including on crowdfunding for terrorist financing, and revisions to Recommendation 8 to clarify measures applying to NPOs. It will also be consulting on risk based guidance on recommendation 25 on beneficial ownership and transparency of legal arrangements. It made no changes to its list of high risk jurisdictions, but added Bulgaria to the list of jurisdictions under increased monitoring and removed Albania, the Cayman Islands, Jordan and Panama from the list. Also, Indonesia has been admitted to full membership, while the Russian Federation membership remains suspended.

The consultation on Recommendation 25 welcomes views generally, but also seeks views on specific issues such as whether any other purposes or activities of trusts should be included, whether any additional scenarios concerning beneficiaries should be included and what are the suggested approaches for identifying, assessing and mitigating the risks linked with different types of legal arrangement.  Consultation closed on 8 December.

Emma Radmore