FATF revises Recommendation 8

FATF has revised Recommendation 8 and its Interpretive Note at the recently concluded plenary meeting. The revisions to the standard on NPOs have been incorporated into the FATF's main recommendation document, which is online here. The text is on pp. 13 and 54-59. The revision of Recommendation 8 takes out the claim that the NPO sector is 'particularly vulnerable' to terrorist abuse. The new language is a big improvement, and a victory for the NPO sector and its sustained advocacy on the matter. The changes to the Interpretive Note are more complex and will take a while to analyse. See here for the press release. A brief created by ECNL on the impact of the NPO coalition in changing FATF policy, including a chronology of coalition input and revisions resulting thereof can be found here.