The FATF Annual Report 2022-2023 is available.
06/02/2024
The FATF Annual Report 2022-2023 sets out the achievement of the FATF to deliver on its mandate and strategic priorities:-
- To prevent criminals, the corrupt and terrorists from abusing the international financial system and
- Strengthen the foundations for sustainable and more inclusive economic development.
The first year of the Singapore Presidency of T. Raja Kumar saw significant progress made by the FATF in its fight against financial crime, including:
- Asset Recovery - important progress to provide countries with a more robust toolkit to target and confiscate criminal assets, including by joining forces with INTERPOL in a strategic partnership through the FATF-INTERPOL Roundtable Engagement to focus on the strategic and operational changes necessary to take the profit out of crime.
- Virtual asset - a roadmap to identify countries with materially important virtual asset activity roadmap to close the gaps in the global regulation of virtual assets and virtual asset service providers.
- Transparency and beneficial ownership - updated guidance to help countries implement the recently revised requirements on beneficial ownership of legal persons and a strengthened FATF Standard on beneficial ownership of trusts and other legal arrangements.
- Methods and trends - new reports on:-
- Countering ransomware financing,
- Money laundering and terrorist financing in the art and antiquities market and
- The illicit proceeds generated from the fentanyl and related synthetic opioid supply chains.
- Mutual evaluations - publication of the mutual evaluation reports of Germany, Indonesia, the Netherlands, and Qatar.
- Unintended consequences - FATF advanced its work to strengthen its standards and prevent the application of disproportionate measures on non-profit organisations.
- Global Network - this year, the FATF prioritised work to reinforce further partnerships with its regional partners, the FATF-Style Regional Bodies.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.