Update of FATF Meeting: Outcomes FATF Plenary, 21-23 February 2018

[Max]

What 3 Months ??? I guess FATF just added Pakistan in the list. Even your media started reporting the news. Then why still in the denial mode ????

Pakistan added to FATF grey-list

wait for official announcement..

as for what i said

He added that the financial consequences would not kick in until June, which, in theory, could allow Pakistan time to fix financing issues.

https://www.reuters.com/article/us-pakistan-militants-financing/global-watchdog-to-put-pakistan-back-on-terrorist-financing-watchlist-sources-idUSKCN1G70X7

so according to reuters we have 3 months to fix the issues.

 

[war&peace]

Ok sir............ no doubt the respect of seniors is essential
i try my best to avoid confrontation

He is a serious contributor and I like his comments but right now he just needs to verify it and be patient. But still it does not give us a right to hurl insults at him. So all need to be patient and polite to each other.

 

[Mansoon]

Many Indians banned already on this thread.

 

[egodoc222]

Whatever the outcome, one can clearly see how far America is willing to go to support its lacky India against Pakistan. Be it in NSG, on this occasion, diplomatic and economic front, you name it. All we are doing in response is to firefight their moves while not responding with any punitive action in reply.

Either we lack vision or we are just not utilizing our strategic partner China influence in geopolitics to put spanner in works for India and hamper its own growth and impression on world stage. What is stopping us to use China good office to put similar motions all over global forums against India. Either American-India relationship is stronger to China-Pakistan or we simply clueless on how to go on front foot and pre-empt these bastards.

This is exactly the reason for Pakistan's present state of affairs...why get so emotional? Foreign policy isn't based on emotions...US doesn't support anyone except for its interests...you guys should know that by now...it's simply our brilliance in diplomacy converging interests of US and others nations with ours...
In geopolitics there are no friends...only mutual beneficiaries!

 

[PakShaheen79]

Instead of blaming everyone we need some serious soul searching. China and KSA are indeed our friends but even they have their limits to sustain pressure. And I think all this is happening to assist Pakistan to get rid of elements like HS. In my personal opinion, this is good for us in the long run. China's decision of withdrawing its objection makes sense as well in this particular context. KSA?? I don't think a country with only observer status has anything to do with voting. correct me if I am wrong.

 

[N.Siddiqui]

Currently Active Users Viewing This Thread: 37 (Users: 20, Guests: 17)

So this is a hot news here...more in India than in Pakistan for obvious reasons.

@BHarwana can you elaborate a few points, the major repercussions Pakistan will face if the country name is included in the FATF grey list...I think the blow back will not be that severe, more of a symbolic thing than it is about any major setback to economy.

 

[Chhatrapati]

So much anticipation over a non-issue.

 

[Mrc]

He added that the financial consequences would not kick in until June, which, in theory, could allow Pakistan time to fix financing

In eastern lango it' called


Truck ki batti k peechay lagana... that
What' happened to US here..
From. Way i see it no need to work with US on this
Work with ksa China and Turkey... and if they are happy they will block it again in June citing progress

 

[BHarwana]

Currently Active Users Viewing This Thread: 37 (Users: 20, Guests: 17)

So this is a hot news here...more in India than in Pakistan with obvious reasons.

@BHarwana can you elaborate a few points, the major repercussions Pakistan will face if the country name is included in the FATF grey list...I think the blow back will not be that severe, more of a symbolic thing than it is about any major setback to economy.

I will reply this in detail with all info.

 

[The-Hack]

He is a serious contributor and I like his comments but right now he just needs to verify it and be patient. But still it does not give us a right to hurl insults at him. So all need to be patient and polite to each other.

You are too right Sir, i try my best to respect all those senior members who deserve the respect.............. No no............ sorry i have to respect all senior members

 

[protest]

I used to think the majority is Chutia, but i now I believe everyone is illiterate chutia in that cuntry

It was a typo. It was supposed to 300 billion pkr that you need to service the loan by june.

 

[BHarwana]

First of all what is FATF?

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

The FATF's decision making body, the FATF Plenary, meets three times per year.


Then what are the recommendations of FATF

The FATF Recommendations
www.fatf-gafi.org/recommendations

Paris, 16 February 2012

Money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction are serious threats to security and the integrity of the financial system.

The FATF Standards have been revised to strengthen global safeguards and further protect the integrity of the financial system by providing governments with stronger tools to take action against financial crime. At the same time, these new standards will address new priority areas such as corruption and tax crimes.

The revision of the Recommendations aims at achieving a balance:

• On the one hand, the requirements have been specifically strengthened in areas which are higher risk or where implementation could be enhanced. They have been expanded to deal with new threats such as the financing of proliferation of weapons of mass destruction, and to be clearer on transparency and tougher on corruption.
• On the other, they are also better targeted – there is more flexibility for simplified measures to be applied in low risk areas. This risk-based approach will allow financial institutions and other designated sectors to apply their resources to higher risk areas.
  The FATF Recommendations are the basis on which all countries should meet the shared objective of tackling money laundering, terrorist financing and the financing of proliferation. The FATF calls upon all countries to effectively implement these measures in their national systems.

FATF Recommendations 2012
A – AML/CFT POLICIES AND COORDINATION
1 - Assessing risks & applying a risk-based approach
2 - National cooperation and coordination

B – MONEY LAUNDERING AND CONFISCATION
3 - Money laundering offence
4 - Confiscation and provisional measures

C – TERRORIST FINANCING AND FINANCING OF PROLIFERATION
5 - SRII Terrorist financing offence
6 - SRIII Targeted financial sanctions related to terrorism & terrorist financing
7 - Targeted financial sanctions related to proliferation
8 - Non-profit organisations

D – PREVENTIVE MEASURES
9 - Financial institution secrecy laws

Customer due diligence and record keeping

10 - Customer due diligence
11 - Record keeping

Additional measures for specific customers and activities

12 - Politically exposed persons
13 - Correspondent banking
14 - Money or value transfer services
15 - New technologies
16 - Wire transfers

Reliance, Controls and Financial Groups

17 - Reliance on third parties
18 - Internal controls and foreign branches and subsidiaries
19 - Higher-risk countries

Reporting of suspicious transactions

20 - Reporting of suspicious transactions
21 - Tipping-off and confidentiality

Designated non-financial Businesses and Professions (DNFBPs)

22 - DNFBPs: Customer due diligence
23 - DNFBPs: Other measures

E – TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS
24 - Transparency and beneficial ownership of legal persons
25 - Transparency and beneficial ownership of legal arrangements

F – POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES
Regulation and Supervision

26 - Regulation and supervision of financial institutions
27 - Powers of supervisors
28 - Regulation and supervision of DNFBPs

Operational and Law Enforcement

29 - Financial intelligence units
30 - Responsibilities of law enforcement and investigative authorities
31 - Powers of law enforcement and investigative authorities
32 - Cash couriers

General Requirements

33 - Statistics
34 - Guidance and feedback

Sanctions

35 - Sanctions

G – INTERNATIONAL COOPERATION
36 - International instruments
37 - Mutual legal assistance
38 - Mutual legal assistance: freezing and confiscation
39 - Extradition
40 - Other forms of international cooperation

The most important line to note here is this.

The FATF's decision making body, the FATF Plenary, meets three times per year.

Who is that?

that can be found on this link.

http://www.fatf-gafi.org/countries/#FATF

This is the latest News from FATF so please what ever any media News or any other is saying is bull shit and just bull shit this is the only news out of FATF till now?


FATF Week from 18-23 February 2018

The FATF will meet for six days of meetings to discuss important issues to protect the integrity of the global financial system and contribute to safety and security. The meetings will involve over 700 delegates from the 203 jurisdictions of the FATF Global Network, as well as the UN, IMF, World Bank and other partners.

The week’s meetings will conclude with the second Plenary meeting under the Argentinean Presidency of Santiago Otamendi, on 21-23 February. Among many other issues, the discussions during the Plenary will focus on:

Counter-terrorist financing: We will discuss a new counter-terrorist financing operational plan that will set out the actions the FATF will be taking in response to the changing terrorist financing threats. The new operational plan will provide a forward looking and comprehensive plan of action for FATF in tackling terrorist financing, which continues to be the FATF’s top priority.

Proliferation financing: We will discuss FATF’s efforts to help prevent UN-sanctioned entities from using the financial system to support their programmes to develop weapons of mass destruction. We will discuss new guidance to help public and private sector understand and implement the obligations of the United Nations Security Council Resolutions so that proliferation-related assets are frozen.

Iceland, Norway and Spain: We will review the mutual evaluation of Iceland and the effectiveness of the country’s efforts to tackle money laundering and terrorist financing. We will review the actions that Norway and Spain have taken to address the deficiencies identified in their 2014 assessments. We will discuss and update our statements identifying high-risk and other monitored jurisdictions.

FATF will discuss its engagement with the FinTech and RegTech sectors and future steps to support responsible innovation. FATF Heads of Financial Intelligence Units will discuss the issue of FIU independence and autonomy, and how to improve the quality of financial intelligence, including through the use of IT solutions.

http://www.fatf-gafi.org/publications/fatfgeneral/documents/plenary-february-2018.html

This is the day one news so far:

https://twitter.com/x/status/966268647101620224

 

[SQ8]

Unconfirmed news- closed until better sources provided.

Please advise if any further Goebbels (Indian media) news posted regarding this matter.

 

[BHarwana]

Paris, 23 February 2018, the second FATF Plenary meeting under the Presidency of Mr. Santiago Otamendi of Argentina took place in Paris 21-23 February 2018. The main issues dealt with by this Plenary were:

• Combatting terrorist financing, including the adoption of a new counter-terrorist financing operational plan and a statement on the actions taken under the 2016 counter-terrorist financing strategy.
• Adoption of a report to the G20 Finance Ministers and Central Bank Governors.
• Updated FATF Guidance on Counter Proliferation Financing.
• Amendments to Recommendation 2 on national cooperation and coordination.
• Discussion of the mutual evaluation report of Iceland.
• Follow-up reports for the mutual evaluations of Spain and Norway where both countries sought technical compliance re-ratings.
• Brazil’s progress in addressing the deficiencies identified in its mutual evaluation report since it agreed an action plan in November 2017.
• Two public documents identifying jurisdictions that may pose a risk to the international financial system:
  • Jurisdictions with strategic anti-money laundering and countering the financing of terrorism (AML/CFT) deficiencies for which a call for action applies.
  • Jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
• Monitoring Iran’s actions to address deficiencies in its AML/CFT system.
• AML/CFT improvements in Bosnia and Herzegovina.
• Revisions on information sharing to the FATF Methodology.
• Update on recent developments on de-risking
• Improving the understanding of virtual currencies risks.
• Update on FinTech & RegTech Initiatives.
• Improving the effectiveness of the Criminal Justice System: FATF global engagement with judges and prosecutors.
• Outcomes of the meeting of the FATF Forum of Heads of Financial Intelligence Units (FIUs), which was held in the margins of the Plenary.
• Strengthening FATF’s institutional basis.
• Activities of the FATF Training and Research Institute in Busan, Korea.

Combatting terrorist financing, including the adoption of a new Counter-Terrorist Financing Operational Plan
FATF continues to focus its efforts on ensuring that its standards provide strong and powerful tools to enable countries to protect the integrity of the financial system and contribute to safety and security.

In February 2016, following the terrorist attacks in Paris, the FATF adopted a consolidated strategy to combat terrorist financing and an operational plan to focus its work in four key areas. Since then, the FATF has intensified its action to identify new and developing terrorist financing threats, strengthen or refine its standards accordingly and assess whether countries have implemented sound and effective measures to detect, prevent and punish cases of abuse of the financial system in support of terrorism. The FATF has achieved significant results in the four key areas identified in the 2016 operational plan.

To further enhance the international fight against terrorist financing, the Plenary has adopted a new operational plan of action. This operational plan is a living document that provides a framework for a flexible and dynamic response to terrorist financing threats. It will build on existing results and focus on new areas which will increase understanding of terrorist financing risks and the effectiveness of measures to address these risks, while also being flexible to address the continuous evolution of this threat. Areas of focus include:

• Further improving the identification and understanding of terrorist financing risks, both at country level and more broadly, which will have an impact on the effectiveness of international efforts to tackle terrorist financing.
• Carry forward FATF’s work to enhance information-sharing, which will build on the work that FATF has already completed on domestic inter-agency information sharing and sharing within the private sector.
• Ensure that efforts to detect terrorist financing lead to successful investigations, prosecutions and convictions including the President’s initiative on increased engagement with the criminal justice system and prosecution services.
• Ensure a better global implementation of effective counter-terrorist financing measures through closer coordination with FATF’s regional bodies and the actions they are taking.

FATF also continued the expanded update on the financing of ISIL, Al-Qaeda and affiliates.

Report to the G20 Finance Ministers and Central Bank Governors
The Plenary discussed the FATF’s report to the G20 Finance Ministers and Central Bank Governors. This report sets out FATF’s progress on counter terrorist financing, to improve transparency and the availability of beneficial ownership information, and in relation to work on correspondent banking and remittances, since the report to the G20 Leaders’ Summit in July 2017. The report includes an update on FATF’s work on counter proliferation financing and the President’s initiative for a global engagement with the criminal justice system and prosecution services. It also provides an update on FATF’s ongoing work to ensure a coherent and consistent approach to deal with the AML/CFT risks and opportunities related to FinTech, RegTech and virtual currencies, and its work to update knowledge on the financial flows associated with human trafficking.

Updated FATF Guidance on Counter Proliferation Financing
The FATF has updated its guidance on the implementation of financial provisions of United Nations Security Council Resolutions to counter the proliferation of weapons of mass destruction. This guidance will help countries understand and implement the financial provisions of UNSCRs on proliferation, to ensure that targeted financial sanctions are implemented, and each country has effective mechanisms in place to prevent breaches. Report t

Amendments to Recommendation 2 on national cooperation and coordination
The FATF adopted revisions to Recommendation 2 on national cooperation and coordination. These will expand the Recommendation to include information sharing between competent authorities, and emphasise that cooperation and cooperation should include coordination with the relevant authorities to ensure the compatibility of AML/CFT requirements with Data Protection and Privacy rules and other similar provisions (e.g. data security / localisation). Improving the compatibility of AML/CFT and DPP rules will facilitate exchange of information within the private sector.

Mutual evaluation report of Iceland
The Plenary discussed the mutual evaluation report of Iceland, which set out the level of effectiveness of Iceland’s AML/CFT system and its level of compliance with the FATF Recommendations. The report was prepared on the basis of the FATF Methodology for assessments, which requires countries to take into account the effectiveness with which AML/CFT measures are implemented, as well as technical compliance for each of the FATF Recommendations.

The Plenary discussed the key findings, priority actions, and recommendations regarding Iceland’s AML/CFT regime. The mutual evaluation report is expected to be published by April 2018 after the quality and consistency review, in accordance with procedures.

The follow-up report for the mutual evaluations of Spain and Norway
The Plenary discussed the progress that Spain and Norway have made since the adoption of their mutual evaluation reports in 2014. Both countries have made significant progress since the publication of their mutual evaluation report. For each country, the FATF Plenary agreed to re-rate a number of FATF Recommendations to reflect the country’s current level of technical compliance. After a quality and consistency review, the FATF will publish the follow-up reports which set out the actions that Spain and Norway have taken to strengthen the effectiveness of their measures to combat money laundering and the financing of terrorism and proliferation.

Brazil’s progress in addressing the deficiencies identified in its mutual evaluation report
The FATF also discussed the progress that Brazil has made in line with the action plan it agreed in November 2017.

Monitoring Iran’s actions to address deficiencies in its AML/CFT system
In June 2016, the FATF welcomed Iran’s high-level political commitment to address its strategic AML/CFT deficiencies, and its decision to seek technical assistance in the implementation of its action plan. Given that Iran provided that political commitment and the relevant steps it has taken, the FATF decided in November 2017 to continue the suspension of counter-measures.

Since November 2017, Iran has established a cash declaration regime and introduced draft amendments to its AML and CFT laws. However, Iran’s action plan has now expired with a majority of the action items remaining incomplete. Iran should fully address its remaining action items, including by: (1) adequately criminalising terrorist financing, including by removing the exemption for designated groups “attempting to end foreign occupation, colonialism and racism”; (2) identifying and freezing terrorist assets in line with the relevant United Nations Security Council resolutions; (3) ensuring an adequate and enforceable customer due diligence regime; (4) ensuring the full independence of the Financial Intelligence Unit and requiring the submission of STRs for attempted transactions; (5) demonstrating how authorities are identifying and sanctioning unlicensed money/value transfer service providers; (6) ratifying and implementing the Palermo and TF Conventions and clarifying the capability to provide mutual legal assistance; (7) ensuring that financial institutions verify that wire transfers contain complete originator and beneficiary information; (8) establishing a broader range of penalties for violations of the ML offense; and (9) ensuring adequate legislation and procedures to provide for confiscation of property of corresponding value.

Given that Iran has draft legislation currently before Parliament, the FATF decided at its meeting this week to continue the suspension of counter-measures. Depending upon Iran’s progress in completing its action plan, the FATF will take further steps in June 2018. The FATF urgently expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items in its Action Plan by completing and implementing the necessary AML/CFT reforms, in particular passing the necessary legislation.
Iran will remain on the FATF Public Statement until the full Action Plan has been completed. Until Iran implements the measures required to address the deficiencies identified in the Action Plan, the FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system. The FATF, therefore, calls on its members and urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran, consistent with FATF Recommendation 19.

AML/CFT improvements in Bosnia and Herzegovina
The FATF congratulated Bosnia and Herzegovina for the significant progress made in addressing the strategic AML/CFT deficiencies earlier identified by the FATF and included in its action plan.

Bosnia and Herzegovina will no longer be subject to the FATF’s monitoring under its on-going global AML/CFT compliance process, and will work with MONEYVAL as it continues to further strengthen their AML/CFT regime.

Revisions on information sharing to the FATF Methodology
In November 2017, the FATF adopted revisions to the FATF Recommendations to clarify the FATF’s requirements on sharing of information. The FATF has adopted revisions to the Methodology to assess compliance with the FATF Recommendations. These revisions clarify how assessors should determine the extent of sharing of information at group-wide level, including with branches and subsidiaries, and the whether or not sufficient safeguards are in place to ensure confidentiality and prevent tipping-off.

Update on recent developments on de-risking
De-risking has been a concern for FATF since October 2014. Inappropriate de-risking undermines financial resilience and inclusion and promotes underground financial channels that can be misused by criminals and terrorists. The Plenary discussed recent international developments and engagement on de-risking, including through the FSB’s Remittance Task Force. Delegates discussed ongoing work to further enhance traction of FATF guidance on correspondent banking and risk-based approach for money and value transfer services, which clarify regulatory expectations under the risk-based approach. The FATF received a presentation from the Wolfsberg Group on their Correspondent Banking Due Diligence Questionnaire.

Improving the understanding of virtual currencies risks
FATF considered a report on the AML/CFT risks associated with virtual currencies and the regulatory measures being taken in different countries. The improved understanding of the misuse and risk of virtual currencies will lead to FATF undertaking additional work streams.

Update on FinTech & RegTech Initiatives
At the November 2017 Plenary, the FATF expressed its strong support for responsible financial innovation in line with the FATF Standards and to explore the opportunities that new financial and regulatory technologies present for improving the effective implementation of AML/CFT. Various work streams on FinTech and RegTech are currently underway as the FATF considers how its standards apply in this context. The FATF Plenary heard presentations from some of its member countries concerning the FinTech and RegTech initiatives they were implementing. The FATF is also working to improve its understanding of the misuse and potential risks which may be posed by virtual currencies.

Improving the effectiveness of the Criminal Justice System: FATF global engagement with judges and prosecutors
The Argentinean FATF Presidency has made one of FATF priorities to enhance engagement with national Prosecution Services and other experts within Criminal Justice Systems. The FATF President updated the Plenary on the outcomes of the second workshop with judges and prosecutors, organised in collaboration with FATF-Style Regional Bodies APG and EAG and hosted by China. Prosecutors and the judiciary are an important component of AML/CFT efforts and this event provided a venue to gather and share experiences and views from practitioners on the challenges and good practices in investigating and prosecuting money laundering and terrorist financing cases, and seizing and confiscating criminal proceeds and instrumentalities. The workshop is the second in a series of events that will contribute to improve the effectiveness of prosecution action against those who abuse the financial system, and to confiscate their criminal proceeds.

Outcomes of the meeting of the FATF Forum of Heads of Financial Intelligence Units (FIUs), which was held in the margins of the Plenary
FATF Heads of FIUs discussed how to enhance the effectiveness of suspicious transaction reporting (STR) regimes and the quality of financial intelligence. Participants shared their views on the importance of FIU autonomy and independence and its impact on the strategic and operational work of FIUs. The private sector plays an important role in detecting and reporting suspicious transactions, and participants discussed the practical/operational considerations in further developing public/private partnerships and the application of IT tools to improve the quality of financial intelligence.

Strengthening FATF’s institutional basis
FATF members continued to explore options to reinforce its legal capacity, international standing and independence.

Activities of the FATF Training and Research Institute in Busan, Korea
The FATF Training and Research Institute, FATF TREIN, updated the Plenary on its activities since November 2017. FATF TREIN research and training programme included the APG-FATF TREIN Joint Typologies and Capacity Building Workshop. Almost 200 participants, representing FATF and APG members and observers as well as private sector participants took part in this event. The discussion provided valuable information which will contribute to on-going research projects.


 
http://www.fatf-gafi.org/publications/fatfgeneral/documents/outcomes-plenary-february-2018.html

 

[BHarwana]

Please point out where the word Pakistan comes in this report. All Indians News and Pakistani News please help me here to find Pakistan?