FATF Annual Report 2013-2014

FATF Annual Report: 2013-2014

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Under the Presidency of Vladimir Nechaev of the Russian Federation, the FATF achieved a number of important outcomes this year which are set out in the FATF Annual Report: 2013-2014 .  Among these outcomes are: 

New Best Practices Paper - Corruption is an issue of great importance to the international community, including the G20.  This year, the FATF adopted a best practices paper on the Use of the FATF Recommendations to combat corruption.  The FATF developed this paper with direct input from G20 anti-corruption experts, and built on existing work by the FATF. 

Methods and Trends - The FATF also published Typologies reports to inform about money laundering and terrorist financing trends and vulnerabilities, such as Terrorist Financing in West Africa,  Money Laundering and Terrorist Financing through Trade in Diamonds and Risk of Terrorist Abuse in Non-Profit Organisations. The FATF also published a document setting out the key definitions and potential AML/CFT risk associated with virtual currencies.

Mutual Evaluation Process - During this Plenary year, the FATF continued its follow-up on the mutual evaluations conducted in the third round.  Twelve countries took sufficient steps to address the deficiencies in their AML/CFT system identified during their third round mutual evaluation. The Russian Federation, and New Zealand, exited from follow-up in October.  Aruba, Kingdom of the Netherlands; Austria, Canada, Luxembourg, Netherlands and Mexico exited in February. Argentina, Australia, Germany and Korea exited in June 2014.  As the fourth round of assessments commenced during this Plenary year, the FATF ended the third round regular follow-up in June 2014.