The outcomes of the Financial Action Task Force (FATF) meeting held in October 2018 was recently published by the FIC. The FATF is an intergovernmental organisation which develops policies to combat money laundering. South Africa participated in the first meeting of the FATF session under the USA Presidency in Paris, France from 14 to 19 October 2018. The FATF continued work relating to its mandate to promote effective implementation of measures against money laundering, terrorist financing, and other related threats to the integrity of the international financial system.
The FATF Plenary discussed and adopted amendments to the FATF Standards to respond to the increasing use of virtual assets for money laundering and terrorist financing and at the request of the G20 Ministers.
Part of the outcomes identifies jurisdictions that may pose a risk to the international financial system by having strategic anti-money laundering and counter-terror financing deficiencies.
The FATF also adopted risk-based approach (RBA) guidance for the life insurance and the securities sectors. These guidance documents were developed in close partnership with the private sector.
Click on the links below for more information:
- Outcomes of the October 2018 meeting of the FATF.
- FATF’s statement on regulating virtual assets.
- FIC’s advisory note, issued on 6 November 2018, on jurisdictions with strategic anti-money laundering and counter-terror financing deficiencies.
- Risk based guidance for the life insurance and the securities sectors.