FATF Holds Plenary in Mexico, Advances Key Illicit Finance Initiatives
US Department of the Treasury
MEXICO—Last week, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF), concluded its fifth Plenary under the Mexican presidency. The FATF agreed to publish two reports on digital assets, imposed additional countermeasures on Iran, and adopted Mutual Evaluation Reports for Austria, Italy, and Singapore. The FATF reiterated the terrorist and proliferation financing risks emanating from Iran, which remains on the FATF’s blacklist. The FATF reminded all nations to implement reimposed United Nations Security Council Resolutions related to Iran’s ongoing lack of compliance with its nuclear agreements. The FATF also called upon all jurisdictions to impose additional countermeasures to restrict correspondent banking, digital asset transactions, and business relationships with Iran given its severe illicit finance risks.
