The Fifth Plenary of the Financial Action Task Force took place in Paris, France from February 21 to 23, 2024. Present at the meeting were delegates representing over 200 members of the Global Network and observer organizations. Chinese delegates from the People’s Bank of China and the Ministry of Foreign Affairs attended the meeting onsite.
The Plenary deliberated and adopted a guidance for the implementation of Recommendation 25 on the transparency and beneficial ownership of legal arrangements, worked on proposed revisions to Recommendation 16 and its Interpretive Notes on wire transfers, which will be released for public consultation, and agreed on changes to the assessment methodology of Recommendation 8 on non-profit organizations for the next round of mutual evaluations.
The FATF discussed its strategic priorities for the 2024-2026 biennium and decided to submit them for approval at the FATF Ministerial Meeting in April 2024 and then release them as a declaration.
At the Plenary, the FATF updated its statements to add Kenya and Namibia to the list of jurisdictions subject to increased monitoring (the “grey list”), and agreed that Barbados, Gibraltar, Uganda, and the United Arab Emirates were removed from the “grey list”.
The Plenary appointed Ms. Elisa de Anda Madrazo of Mexico as the next President of the FATF from July 2024 to June 2026.
