Finland, Japan, Switzerland 'make AML progress' as FATF plenary gets underway

The fourth Financial Action Task Force (FATF) Plenary under the two-year Singapore presidency of T. Raja Kumar has started today (25 October) and concludes on Friday 27 October, drawing together delegates representing the FATF Global Network of over 200 member jurisdictions and observer organisations, such as the International Monetary Fund, the United Nations, the World Bank, INTERPOL and the Egmont Group of Financial Intelligence Units.

In a statement, the FATF said they will "discuss important issues such as crowdfunding for terrorist financing, illicit financial flows from cyber-enabled fraud and work to strengthen the standards to prevent the misuse of non-profit organisations and improve asset recovery". 

Delegates will also discuss the assessment of measures to combat money laundering and terrorist financing in Brazil. 

During last week and earlier this week, FATF had highlighted progress made by Finland, Japan and Switzerland, ahead of its next full update on 27 October after the week's discussions have concluded. 

It said on 24 October, Finland had seen progress in strengthening measures to tackle money laundering and terrorist financing: "Finland has made progress to address the technical compliance deficiencies identified in its Mutual Evaluation. The country has been re-rated on four Recommendations."

On 23 October, FATF said Japan had made progress in strengthening measures to tackle money laundering and terrorist financing: "As a result of Japan's progress in strengthening its measures to fight money laundering and terrorist financing since the assessment of the country's framework, the FATF has re-rated the country on five Recommendations."

On 19 October, FATF highlighted Switzerland's progress in strengthening measures to tackle money laundering and terrorist financing: "Switzerland has made progress in addressing the technical compliance deficiencies identified in the MER with respect to Recommendations 10 and 40."

While at the end of last month (27 September) Luxembourg's measures to combat money laundering and terrorist financing came under the spotlight: "The Grand-Duchy of Luxembourg has a solid anti-money laundering and counter-terrorist financing (AML/CFT) framework and a good understanding of its money laundering and terrorist financing risks."