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News / FATF Plenary Meeting To Be Held In Paris From Feb 21-23

FATF Plenary Meeting To Be Held In Paris From Feb 21-23

The FATF’s 5th Plenary meeting will be hosted in Paris from Feb 21-23, 2024 to discuss various financial fraud dynamics.

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The Financial Action Task Force, the global regulatory authority for money laundering and terrorist financing is scheduled to meet in Paris this week for a plenary session. Multiple financial services sectors from various jurisdictions are on high alert waiting for any news on being removed from the FATF’s list of high-risk countries.

FATF Plenary Meeting

FATF Plenary; the decision-making body conducts a meeting every 4 months, generally in February, June, and October in the presence of hundreds of affiliated members. These three days of the plenary focus on all the major money laundering, financial fraud, terrorism financing, and proliferation financing areas.

5th Plenary Meeting 2024

This year the fifth FATF meeting in Paris starts from February 21-23, and will be presided over by the current president of the FATF; Mr. T. Raja Kumar from Singapore.

All in all, delegates, coming from over 200 FATF Global Network members and observer organizations including the IMF, World Bank, UN, INTERPOL, and Egmont Group of Financial Intelligence Units, will join plenary meetings and working groups in Paris during this week.

The delegates will debate on such matters as a concern to how the swift progress in the field of cross-border payment technologies affects the national legal frameworks and aids the countries under the risk of the implementation of the benefit owner and the transparency of the legal arrangements.

“FATF also clarified that, “The delegates will furthermore be discussing the progress made by some jurisdictions, which are indicated as a risk to the global financial system”.

Moreover, the plenary‘s regulatory decisions are expected to be posted on the FATF website by the end of the meeting, the president will also hold a press conference on Friday afternoon.

Several international institutions and countries are in the hope of being removed from the Financial Action Task Force’s ‘grey list’ when the task group gets together in Paris this week.

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Published Date

February 20, 2024

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