Report from the FATF plenary session

The Treasury Department reports that the Financial Action Task Force (FATF) —the global standard-setting body for anti-money laundering, countering the financing of terrorism, and proliferation of weapons of mass destruction—concluded a plenary in Paris.

During the plenary, the FATF discussed ongoing work on evolving proliferation financing and terrorist financing risks, financial inclusion, and standards for domestic and cross-border payments, including agreeing to release draft updates for public consultation. The FATF also agreed to consult the public on an initiative examining complex proliferation financing and sanctions evasion schemes.

The FATF also endorsed changes to its recommendation to further reaffirm the importance of a risk-based approach to assessing and mitigating money laundering and terrorist financing risks, including ensuring preventive or mitigation measures are commensurate with the risks identified.

Finally, the FATF finalized work to help combat the online sexual exploitation of children, a heinous crime that preys on some of society’s most vulnerable. The soon-to-be-published report, based upon contributions from nearly 30 countries, analyzes the financial typologies associated with financial sextortion and live-streamed abuse of children.