FATF Holds 2nd Plenary Under Mexico's Elisa de Anda Madrazo Presidency from February 19-21, 2025 in Paris.
International
The Financial Action Task Force (FATF), the global watchdog for financial crimes, held its second Plenary under the Presidency of Elisa de Anda Madrazo of Mexico from February 19 to 21, 2025, in Paris, France.
- Kenya joined the FATF as a guest under the Guest Jurisdiction Initiative to enhance regional representation, alongside the Cayman Islands and Senegal, who began participating in the initiative in October 2024.
- Russia's membership in FATF remains suspended since February 2024 due to concerns over sanctions evasion.
- The Plenary selected Mr. Giles Thomson from the United Kingdom (UK) as the next FATF Vice President, succeeding Mr. Jeremy Weil from Canada, who has served since July 1, 2023, and will step down on June 30, 2025. Mr. Thomson will hold the position for two years, starting July 1, 2025.
Main Point :- (i) Laos (Lao People's Democratic Republic) and Nepal were added to the FATF Grey List due to strategic deficiencies in their anti-money laundering and countering terrorism financing (AML/CFT) frameworks. Both countries have committed to addressing gaps in supervision, financial intelligence, and the prosecution of financial crimes.
(ii) The Philippines was removed from the FATF Grey List after successfully addressing its action plan, which included stricter casino supervision, improved access to beneficial ownership data, and enhanced terrorism financing investigations. The FATF emphasized continued collaboration with the Asia/Pacific Group to maintain these reforms.
About Financial Action Task Force
President : Elisa de Anda Modrazo (Mexico)
Headquarters : Paris
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