FATF Annual Report 2014-2015
Enhanced focus on terrorist financing - the sudden rise of terrorist organisation Islamic State in Iraq and the Levant (ISIL) has made the fight against terrorist financing an urgent global priority. FATF highlighted the need for countries to actively investigate and prosecute the financing of terrorist organisations and individuals, even in the absence of a link to a specific terrorist act (FATF Recommendation 5), and robustly implement targeted financial sanctions without delay (Recommendation 6).
Methods and Trends - The FATF published a typologies report on the Financing of the Terrorist Organisation Islamic State in Iraq and the Levant which provides a summary of the most important revenue sources and financial activities of ISIL and highlights a number of new and existing measures to disrupt its financing. The FATF also published a report on the money laundering / terrorist financing risks and vulnerabilities associated with gold.
New Guidance and Best Practices Papers - This year, the FATF adopted a guidance on transparency and beneficial ownership, guidance for a risk-based approach for the banking sector, guidance for a risk-based approach to virtual currencies and revised best practices on combating the abuse of non-profit organisations (Recommendation 8).
Mutual Evaluation Process - During this Plenary year, the FATF completed and published the first mutual evaluation reports countries in the fourth round of assessments, based on the FATF Recommendations adopted in 2012. The FATF published detailed reports of the effectiveness and technical compliance of measures to combat money laundering and terrorist financing in Australia, Belgium, Norway and Spain.