FATF’s First Plenary Under Mexico’s Presidency Focuses on Illicit Financial Flows and Financial Inclusion

The first Financial Action Task Force (FATF) Plenary under the “two-year presidency of Mexico,” led by Elisa de Anda Madrazo, is scheduled to take place this week from October 23 to October 25, 2024.

This event will be summarized as “FATF week,” which began on October 21.

Attendees will represent “more than 200 members of the Global Network and observer organizations, including the International Monetary Fund, the United Nations, the World Bank, INTERPOL, and the Egmont Group of Financial Intelligence Units.”

These attendees will join “the Working Group and Plenary meetings” held in Paris during this “FATF Week.”

Focus on Illicit Financial Flows and Financial Inclusion

Representatives are gathering to discuss critical issues related to combating “illicit financial flows” that assist in crime and terrorism, promote destabilization of the economic sector, and endanger the safety of the financial system.

The central goal is the “promotion of financial inclusion and a risk-based approach,” currently the top priority of the “Financial Action Task Force (FATF)” under the Mexican Presidency.

Assessment of Argentina and Oman

The solution to any problem relies on understanding the issues. Delegates will discuss guidelines for countries to understand the risks associated with “money laundering” and mitigate these risks by establishing strong AML measures and ensuring AML compliance.

Furthermore, Argentina and Oman’s efforts will be evaluated by reviewing their AML/CFT measures. High-risk countries will be examined to determine if they have improved their AML regulations.

Oman’s Participation in FATF General Meeting 2024

Enhancing AML/CFT legislation is the main emphasis of Oman’s active participation in the FATF General Meeting in Paris. Led by Tahir Salem Al Amri, Executive President of the Central Bank, Oman is demonstrating its efforts in combating financial crimes.

Being a member of MENAFATF and FATF, Oman has completed an on-site assessment and filed its technical compliance report. Oman has made great progress since its last assessment in 2011, including strengthening its AML framework with the implementation of Law No. 30/2016.

Read Also:

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• FATF May Exempt Lower Income Countries from Grey List Under Certain Circumstances

Decisions and Outcomes to Be Announced

As per the FATF’s press release, an overview of the “Plenary’s decisions” will be released on the official FATF website by the end of the meeting.

A press conference will be held on Friday, 25 October, by the FATF president to share publicly the “outcomes of the Plenary.”