Coalition meeting with FATF Secretariat post June FATF Plenary
Members of the Global NPO Coalition on FATF met virtually with representatives of the FATF Secretariat on the 8th of July for a debrief on the recently-concluded FATF Plenary and its implications for the NPO sector. Of salience to the conversation was how the Unintended Consequences workstream was being taken forward. The Secretariat mentioned that different working groups had been set up and tasked with coming up with adequate mitigation measures to the consequences that were earlier scoped, with amendments being foreseen, as necessary, to the FATF Standards, to the methodology and to the procedures. Additional training development is also on the cards. First on the list is Recommendation 8:
- The Best Practices Paper on Recommendation 8 will be updated
- Recommendation 8 will then potentially be revised to provide further guidance and clarification on the risk-based approach
This work will be led by a small project team. There will be a period of research (6 months) and then a process of revision (6 months) – this timeline depends on the scope of the revision. The Global NPO Coalition will be consulted throughout the process, along with other stakeholders.
Please click here for further details, including the minutes of the meeting.