The November edition of the Business Bulletin provides a brief update on outcomes from the October 2018 FATF plenary meeting that are relevant for the private sector. The complete summary of outcomes from the Plenary is available here.
Since its 2015 mutual evaluation, Australia has made progress in addressing deficiencies; the FATF has re-rated the country on 7 of the 40 Recommendations.
This report sets out Malaysia's progress in strengthening anti-money laundering and counter terrorist financing measures since their 2015 assessment.
New risk-based approach (RBA) guidance documents for the life insurance and the securities sectors aim to support the risk-based approach to implementing anti-money laundering and counter-terrorist financing measures, ensuring that resources are focused where the risks are highest.
To support financial innovation that is resiliant to money laundering and terrorist financing, the FATF has launched a new platform to share initiatives and developments for the benefit of governments and the private sector more broadly: FATF FinTech and RegTech Initiative
The FATF has identified jurisdictions with strategic deficiencies in their frameworks to combat money laundering and the financing of terrorism and proliferation: jurisdictions for which an FATF call for action applies and other monitored jurisdictions
Combatting terrorist financing is the top priority for the FATF, the intergovernmental body responsible for understanding terrorist financing risks, developing global standards and evaluating countries' compliance: FATF's focus on terrorist financing
The FATF Recommendations, the international anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT) standards, and the FATF Methodology to assess the effectiveness of AML/CFT systems.
