Update on FATF Unintended Consequences workstream

Global NPO Coalition members met with the FATF Secretariat and project team members of the Unintended Consequences workstream, including FATF Vice President Elisa de Anda Madrazo, for a post-plenary update. A wide range of issues were discussed, including:

  • the state of play on the FATF Strategic Review (and changes to procedures and Methodology), and a possible public consultation in the coming months
  • the dovetailing of the Unintended Consequences workstream with that of the Strategic Review, especially in terms of the FATF Methodology and Mutual Evaluation procedures. Input on mitigation measures is, therefore, sought by 25 July 2021 to meet the Strategic Review deadline. 
  • the scope of the Unintended Consequences workstream, which is wider than that of the Strategic Review - so input on updating guidance/best practices, changes to the FATF Standards, enhanced training, and changes to internal procedures/processes, etc. can be made after the 25 July 2021 deadline
  • Recommendations 24 and 25 on Beneficial Ownership, which are also being amended. The FATF have published a white paper for public consultation on the issue (deadline 20 August 2021). This is for Recommendation 24 (legal persons). A similar process of engagement will follow for Recommendation 25 (legal arrangements).
  • Proliferation financing: The FATF has prepared guidance on proliferation financing risk assessment and mitigation and is planning on hosting a number of webinars on this guidance in the coming months.

For notes on the meeting, see here