Last Friday the sixth and final plenary session of the FATF under the chairmanship of T. Raja Kumar of Singapore, with the presence of the Argentine delegationwhich in October will seek to remain in the top international category in the G40 group.
The FATF plenary in Singapore
Delegates from the FATF Global Network, composed of more than 200 jurisdictions, and observers from international organizations (IMF, OECD, World Bank, United Nations) participated in Singapore, between June 23 and 28of debates on key issues related to money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction.
This year, the FATF decided to remove from its grey list Türkiye and Jamaicaafter a series of successful on-site visits. In contrast, Venezuela and Monaco They were included in the list after detecting serious deficiencies in their systems against money laundering and terrorist financing.
In line with that, the body reiterated its concern about the fact that the Democratic People’s Republic of Korea (DPRK) continues to fail to address significant deficiencies in its anti-money laundering and countering the financing of terrorism regime and the serious threats posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction and their financing.
Several countries also expressed concern about the financial link between North Korea and Russia. Questions were also raised regarding the financing of Al Qaeda and the Talibanin this point Argentina rectified contributions from the previous government.
For its part, the FATF worked on updating regulatory frameworks aimed at asset recovery and strengthening international cooperation, in order to more effectively deprive criminals of the proceeds of crime.
In addition, their delegations discussed and approved the joint assessment of India and KuwaitIn the case of India, it has met its objectives and remains in the top international category. On the other hand, Kuwait is entering a review process.
The members also approved FATF Priorities under the incoming Mexican Presidency, which are: a focus on financial inclusion; ensuring a successful start to the new round of assessments; strengthening the cohesion of the Global Network; supporting the effective implementation of the revised FATF Standards with a focus on asset recovery, beneficial ownership and virtual assets; mechanisms to combat child pornography; and ongoing efforts to combat terrorist financing and proliferation.
The presence of the Argentine delegation at the FATF
The Argentine delegation was coordinated from Argentina, by the Deputy Minister of Justice, Dr. Sebastian AmerioIn Singapore it was coordinated by Eugene Curia (Justice), and composed of Ignacio Yacobucci (President of the Financial Information Unit, UIF), Mariano Borinsky (President of the Federal Court of Criminal Appeals), Silvina Rivarola (Central Bank of the Argentine Republic), Felipe Gimenez Losano (Chancellery) and Mariana Currais (Director of International Affairs UIF).
The Argentine team is working towards the supervision that the FATF will carry out in a “face to face” in Paris between August 12 and 15 of this year. In addition, towards the end of October they will give Argentina the final rating, also in the French capital. There, they aim to meet the most important objective: avoid falling into the grey list and remain in the highest international category in the G40 group of the FATF.
Source: Ambito
