ON PARTICIPATION IN THE FATF PLENARY SESSION

Published: 23.10.2021

An interagency delegation headed by Rosfinmonitoring and consisting of the Administration of the President of the Russian Federation, the Ministry of Foreign Affairs, the Federal Security Service, the Ministry of Finance, the Ministry of Internal Affairs, the General Prosecutor's Office, the Investigative Committee, and the Bank of Russia, took part in the FATF Plenary session held on October 11-21, 2021.

After the working group meetings which were held in the first week, for the first time in the history of the organization the Plenary meeting took place in a hybrid format, in Paris on October 19-21, 2021 under the German presidency (Dr. M. Pleyer, Ministry of Finance of the Federal Republic of Germany). The Russian Federation was represented in person by Rosfinmonitoring (A. Petrenko, Head of the International Cooperation Department), while other delegates participated virtually. 

During the event, research project was completed on the issues related to virtual assets, cross-border payments, smuggling of migrants, use of art objects for money laundering, as well as on  the issues related to digitalization of activities of agencies involved in anti-money laundering and counter-terrorist financing (AML/CFT). 

Revisions to the international AML/CFT standards were prepared for publication in order to better identify risks associated with the lack of transparency of beneficial ownership of legal entities. 

Work continued on the project launched in 2016 at the initiative of Russia and aimed at collecting and analyzing information on the sources and channels of financing of ISIS, Al-Qaida and their affiliates. Upon the suggestion of the Russian delegation, two public statements on this issue have been prepared, including one specifically on Afghanistan.

In the context of discussion of the issue related to organizing assessment team’s on-site visit to Damascus as a mandatory condition for removing Syria from the FATF “grey list”, it was decided to prepare another review of the security situation in the country, requesting information from all delegations.

The reports on the progress in eliminating the deficiencies of the national AML/CFT systems of Canada, China, Finland, Iceland and Korea were adopted. In general, their work was evaluated positively. 

The current FATF sanctions lists were updated. Following the results of the discussion, the FATF added Jordan, Mali, and Turkey, while removing Botswana and Mauritius. 

Support for the weakest FATF-Style Regional Bodies has been agreed as one of the top priorities. Assistance will be provided by the FATF Secretariat in the form of supervisory control, as well as through the direct participation in evaluation activities.
The work related to strategic review of the FATF activities is still ongoing.

The next Plenary session is scheduled for February 2022.