The outcomes of the FATF Paris Plenary 23rd-25th October 2024 | Weekly Words of Wisdom

The first FATF Plenary under the two-year Mexico Presidency of Elisa de Anda Madrazo was held from 23rd-25th October.

Delegates from over 200 members of the Global Network, along with observer organisations like the IMF, UN, World Bank, INTERPOL, and the Egmont Group, participated in the Working Group and Plenary meetings held in Paris during FATF Week.

Delegates addressed key issues related to combatting illicit financial flows that fuel crime, terrorism, and undermine security and economic growth. A major focus was promoting financial inclusion and the risk-based approach, a priority under FATF’s Mexican presidency. This approach helps countries assess their money laundering risks and implement measures to mitigate them effectively.

Delegates reviewed measures to combat money laundering and terrorist financing in Argentina and Oman, along with progress made by certain jurisdictions considered to pose risks to the financial system.

The key developments include:

• The FATF granted full membership to Indonesia
• Algeria, Angola, Bulgaria, Lebanon and Ivory Coast have been added to the grey list
• Albania, the Cayman Islands, Jordan, and Panama have been removed from the grey list