An intergovernmental group on Friday formally tasked nations with assessing their exposure to the finances behind weapons of mass destruction, and voted to keep Pakistan under enhanced monitoring after the country stopped short of fully reforming its rules against financial crime. Those decisions, which the Financial Action Task Force, or FATF, disclosed in four separate documents, marked the end of the group's latest three-day plenary, which was held virtually and chaired by its new president, Marcus Pleyer, deputy director general of the German Finance Ministry. "Governments and banks must do more than take a checklist approach to sanctions screening," Pleyer...
The Financial Action Task Force announced the outcomes of the first plenary meeting chaired by incoming President Marcus Pleyer, which heavily focused on the impact of the COVID-19 pandemic and efforts to strengthen measures to prevent proliferation financing.
The Financial Action Task Force issued a public statement concerning newly adopted amendments to Recommendations 1 and Recommendation 2 that require countries and private sector entities to mitigate the risks of potential breaches of targeted financial sanctions related to proliferation financing.
Financial Action Task Force President Marcus Pleyer issued a statement on the importance of continuing to allocate sufficient resources to anti-money laundering and counterterrorist financing regimes during the COVID-19 pandemic, highlighting new threats and vulnerabilities arising from the crisis.