FATF updates on high risk jurisdictions and cross-border payments

At the joint FATF-MONEYVAL plenary meeting last week:

• the list of jurisdictions subject to increased monitoring was updated so that Bolivia and the BVI were added, and Croatia, Mali and Tanzania removed;
• the meeting approved changes to the FATF Standards Recommendation 16 to improve the safety and security of cross-border payments;
• the meeting endorsed updated guidance on financial inclusion and will publish the guidance before the end of June;
• the meeting approved several reports on responding to illicit finance risks; and
• heralded completion of the first mutual evaluation of the new round.