Enhancing Effectiveness of AML CFT Frameworks - Evolution of the FATF Standards

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Legal drafters
Policy makers
AML/CFT supervisors for the financial sector (in particular, VASP supervisors)
Financial intelligence units
Company registrars
Tax authorities
Law enforcement authorities
Procurement authorities
Relevant Ministries involved in establishing beneficial ownership transparency frameworks, using beneficial ownership information, or regulating fintech/virtual asset service providers

Presented by the Financial Integrity Group of the Legal Department.
Focuses on legal and practical considerations in implementing the revised AML/CFT standards on:
- Beneficial ownership transparency.
- Virtual assets and virtual asset service providers (VA/VASPs).
Beneficial ownership coverage:
- Considerations in setting up and managing beneficial ownership registers.
- Relevance of beneficial ownership transparency in other policy areas (e.g., tax & procurement).
VA/VASP coverage:
- Elements to guide risk assessments of the virtual asset sector and its AML/CFT supervision.
- Key enforcement considerations related to VA/VASPs.

Outline, summarize, and analyze the requirements of the revised FATF Recommendations relating to beneficial ownership transparency and VA/VASPs.
Draw up a medium-term action plan to establish comprehensive beneficial ownership transparency frameworks in a country.
Identify/understand the policy, legal and regulatory considerations/decisions required in setting up beneficial ownership registers within a country.
Identify principles in conducting sectoral and supervisory risk assessment of VA/VASPs.
Analyze key considerations in authorization and risk-based supervision of VASPs.
Understand key concepts in the investigation and prosecution against ML/TF involving VA/VASPs and confiscation of VA.