Decisions and key aspects against money laundering and terrorist financing

Summary:

The 5th Plenary of the Financial Action Task Force (FATF) was held under the presidency of T. Raja Kumar, with representatives from over 200 jurisdictions and international organizations in attendance. Argentina's delegation, led by Ignacio Yacobucci, President of the Financial Information Unit (UIF), reaffirmed the country's commitment to implementing international standards against money laundering and the financing of terrorism. Key decisions made during the meeting include:

Approval of a new risk-based guide for implementing Recommendation 25 on beneficial ownership and transparency of legal structures
Publication of options for modifying Recommendation 16 and its Interpretive Note on electronic transfers for public consultation
Completion of modifications to the methodology for mutual evaluations to reflect the latest revisions to FATF's standards, aimed at protecting non-profit organizations from potential misuse in terrorist financing
Addition of Kenya and Namibia to the list of jurisdictions under intensified monitoring
* Removal of Barbados, Gibraltar, Uganda, and the United Arab Emirates from the list

The meeting also discussed priorities for 2024-2026, established a plan to publish a report on measures taken by FATF member jurisdictions and regional organizations, and appointed Elisa de Anda Madrazo of Mexico as the next FATF president for a two-year term starting July 1, 2024.