From 24 to 28 June 2024, the Counter-Terrorism Committee Executive Directorate (CTED) took part in the Financial Action Task Force (FATF) Working Groups and plenary meetings held in Singapore under the Presidency of T. Raja Kumar.
From 24 to 28 June 2024, the Counter-Terrorism Committee Executive Directorate (CTED) took part in the Financial Action Task Force (FATF) Working Groups and plenary meetings held in Singapore under the Presidency of T. Raja Kumar.
CTED took this opportunity to brief the FATF delegations on its current work on countering the financing of terrorism (CFT), cooperation with the FATF-style regional bodies (FSRBs), and its analysis of various aspects of the multi-faceted threats and trends in relation to terrorism financing (TF), including the nexus between organized crime and terrorism; the destruction, looting of and trafficking in cultural heritage by terrorist groups, and the use of different types of virtual assets by terrorist groups and their supporters, including for their fundraising campaigns. CTED looks forward to continuing its work with the FATF under the incoming Mexican presidency, and to contributing to its thematic projects on CFT, including the comprehensive update on evolving TF trends and threats.
Among the key outcomes of the plenary, delegations agreed how countries will be assessed for their compliance with the recently revised FATF Standards on asset recovery and related international cooperation, which were adopted in October 2023. FATF also completed its review of the measures its members have in place to prevent gatekeepers (accountants, lawyers, real estate agents, and trust and company service providers) from being used to facilitate money-laundering (ML) and TF. FATF further agreed to publish the fifth annual update on progress by jurisdictions on implementing the FATF Standards on virtual assets and virtual asset service providers (VAs/VASPs). The plenary discussed the outcomes of its extensive public consultation on draft amendments to the Standards aimed to help to make cross-border payments faster, cheaper, more transparent and more inclusive, while ensuring anti-money-laundering (AML)/CFT compliance, and ensure that the FATF Standards remain technology-neutral.
Delegates discussed and adopted the joint FAT/APG/EAG assessment of India and the joint FATF-MENAFATF assessment of Kuwait. The FATF removed two countries from its increased monitoring following successful on-site visits and updated its statements on high-risk and other monitored jurisdictions.
Members approved the Priorities of the FATF under the incoming Mexican Presidency. These include a focus on financial inclusion; ensuring a successful start to the new round of assessments; strengthening cohesion of the Global Network; supporting effective implementation of revised FATF Standards with a focus on asset recovery, beneficial ownership and virtual assets; and continued efforts to combat terrorist and proliferation financing.
CTED leads the delegation of New York-based United Nations entities to the FATF. Its regular participation in FATF meetings provides a vital channel for the exchange of information with respect both to the implementation progress of individual States and to global CFT-related trends, good practices, and challenges, in accordance with Security Council resolutions 2462 (2019) and 2617 (2021). The importance of this ongoing cooperation was further reconfirmed during the visit of the FATF President to New York and his briefing to the Counter-Terrorism Committee’s members and observers (May 2024).
For more details on the outcomes of June 2024 plenary, please visit: .