Treasury officials participated in the June Plenary meeting of the Financial Action Task Force, the global standard-setting body for anti-money laundering, countering the financing of terrorism, and proliferation of weapons of mass destruction, on June 30.
During the meeting, members agreed to take further steps to combat fraud and encourage risk-based supervision within the international financial system. The group adopted mutual evaluations for Canada and Türkiye. Additionally, reports were approved that urge better information sharing with the private sector.
To support private sector efforts in assessing risk and sharing information, the Financial Action Task Force agreed to publish several typology reports on emerging risks. These include topics such as abuse of online gaming platforms and vulnerabilities associated with underground banking.
The organization added Iraq and Bosnia & Herzegovina to its grey list of jurisdictions under increased monitoring while removing Namibia and Algeria from this list. Iran remains on the blacklist subject to countermeasures. The plenary also welcomed Giles Thompson from the United Kingdom as its next president and approved Vivek Aggarwal from India as vice president.
Further details about these decisions are available in a summary document released by the Financial Action Task Force.