11 December, 2010
Two small, but focussed, expert working groups, formed by the FATF in 2009, will be meeting in Hong Kong, China from 6 - 10 December 2010. Attendance is open to APG delegates.
These two expert groups have been tasked to review the international AML/CFT standards and report back to the FATF’s wider Working Group on Evaluations and Implementations within the next year. The groups have already reviewed a number of issues. Key topics to be discussed in December will include:
- A review of FATF recommendations 33 and 34 on the transparency of legal persons, including companies and corporations, as well as arrangements relating to trusts;
- A look at the structure of the FATF standards and whether it may be improved;
- An examination of the meaning, scope and purpose of the term “Law, Regulation and Other Enforceable Means” as used in the FATF standards;
- What “adequate” and “inadequate” implementation of the Recommendations means for jurisdictions; and
- The potential impact of privacy and data protection laws on the implementation of those standards.
At this stage, it is expected that formal approval of amendments to the FATF standards will occur at the October 2011 FATF plenary. The work of these two expert groups will no doubt have an impact on our members’ domestic policy-making and implementation, and will also affect the next round of APG mutual evaluations commencing in the latter part of 2012.
The APG is an Associate Member of the FATF and actively participates in all of its meetings. APG delegates are entitled - and encouraged - to attend FATF meetings on behalf of the APG. Nominations for attendance must be made by the APG head of delegation to the APG Secretariat.