The Counter-Terrorism Financing Summit 2016 on 11 August brought together leaders and experts in counter terrorism financing and financial intelligence from around the world to begin the process of developing regional solutions to terrorism financing issues and risks.
Mr. Juan Manuel Vega-Serrano assumed the Presidency of the FATF on 1 July. He succeeded Mr Je-Yoon Shin of Korea.
Delegates discussed improving transparency and beneficial ownership, and the global response to terrorist financing, including the adoption of a revised standard for non-profit organisations. At this last meeting of the Korean Presidency, the FATF issued a statement on Iran and discussed the assessments of Austria, Canada and Singapore.
The FATF has revised Recommendation 8 and its Interpretive Note. The revised standard aims to ensure that the implementation of Recommendation 8 is in line with the risk-based approach and does not disrupt or discourage legitimate non-profit activities.
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.
What is an effective system to combat money laundering and terrorist financing?
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
