SINGAPORE — Following its sixth and final Plenary under the Singaporean presidency, the Financial Action Task Force (FATF) has taken a number of actions.
Those actions include adopting the Mutual Evaluation Reports (MERs) for India and Kuwait, agreeing to publish a report on non-financial gatekeeper facilitation of corruption, and discussing the priorities of the incoming Mexican FATF presidency, according to the Treasury Department.
Treasury reported the FATF also adopted a statement warning all countries of the Democratic People’s Republic of Korea (DPRK)’s increasing financial connectivity with the international financial system, and reiterating the dangers that this poses for the financing of proliferation of weapons of mass destruction.
The FATF said it is “imperative to robustly implement targeted financial sanctions against the DPRK and to terminate any correspondent relationships with DPRK banks.”
Additional Work
FATF members also:
- Agreed to take on additional work related to global terrorist financing risks and proliferation financing sanctions evasion typologies.
- Discussed the limited progress on global implementation of the FATF Standards on virtual assets.
- Agreed to publish a targeted update on this topic due to continued evidence of the misuse of virtual assets by global threats, such as North Korea, ransomware criminals, scammers, terrorist groups, and others