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KYC AML Guide: the Clock shows the average reeding time of the blogJuly 8, 2024

Key Anti-Money Laundering (AML) Updates from the Sixth FATF Plenary 2024

The Financial Action Task Force (FATF) sixth and final plenary chaired by Rajakumar was concluded on June 28, 2024. Delegates from more than 200 jurisdictions and international organizations met in Singapore for three days to discuss crucial issues like money laundering (ML), terrorism financing (TF), and proliferation financing (PF). The sixth FATF plenary 2024 reports new anti-money laundering (AML) updates and counter-terrorist financing (CTF) measures. This blog explores key findings from the June 2024 FATF review such as changes to the grey list, mutual evaluation reports, revision of assessment methodologies, strategic initiatives, and priorities for the new Mexican president.

M Abd'al Bari

Research Associate

The FATF is a key global regulatory-intergovernmental body. It seeks to assist companies in money laundering and terrorist financing cases. The key outcomes of the sixth FATF plenary 2024 under the presidency of T. Raja Kumar of Singapore are as follows.

Jamaica and Türkiye Removed From the Grey List

The FATF plenary report updated its statement on high-risk jurisdictions. Jamaica and Turkiye have been removed from increased monitoring following successful on-site evaluation. Jamaica and Turkey have made “significant progress” in addressing AML/CFT enforcement shortcomings. Jamaica was added to the grey list in February 2020 and Turkiye in October 2021.

FATF President Raja Kumar specifically cited Turkiye’s progress in conducting complex investigations into money laundering and terrorist financing as a major reason behind the decision to remove the country from the blacklist.

This move has positive implications for the country’s reputation in the international financial community. The development will increase confidence among investors and trading partners, thereby increasing the economic potential of Jamaica and Turkiye.

Monaco and Venezuela Added to the Grey List

In the sixth FATF plenary 2024, Monaco and Venezuela are added to the list of jurisdictions subject to increased monitoring. This decision follows MONEYVAL’s review in December 2022, which found these issues:

  • Monaco’s money laundering investigation and prosecution are misaligned, especially with complex cases.
  • The country needs to prioritize money laundering cases and improve the effectiveness of seizing and recovering proceeds from financial crimes.
  • There is inefficiency in checking beneficial ownership and ensuring entities are fit.
  • The sanctions regime lacks severity, and deterrence, and is often enforced after unjustifiable delays.

In early 2022, an assessment team traveled to Venezuela for the country’s mutual evaluation report (MER). They discussed money laundering risks associated with informal macroeconomics, including illegal mining, and the threat of terrorist financing due to the close economic partnership between Caracas and Tehran.

Key Anti-Money Laundering (AML) Updates from the Sixth FATF Plenary 2024

The June FATF review also identifies high-risk jurisdictions with severe AML/CFT enforcement deficiencies, calling for action to protect global financial standards. It highlights ongoing concerns about North Korea’s significant AML/CFT gaps and illicit activities. It urges increased vigilance and enforcement of countermeasures.

Mutual Evaluation Reports of India and Kuwait


India scored an outstanding result in the 2023-24 FATF Mutual Evaluation. India is placed in the ”regular follow-up” category, a distinction shared by only four other G20 countries This milestone highlights India’s efforts to manage AML/CFT enforcement.

FATF recognized India for mitigating ML/TF risk, transitioning to the digital economy, and implementing the JAM (Jan Dhan, Aadhaar, Mobile) trinity, which has enhanced the demand for financial inclusion and connectivity. However, Improvements are needed to increase the intensity of care and the implementation of preventive measures in some non-financial sectors.

India needs to address the delays in the conclusion of money laundering and terrorist financing cases. In addition, it should ensure that its Counter-terrorist financing (CTF) measure for the nonprofit sector is implemented in a risk-based approach, including approaching NPOs for risks about the Terrorism financing trends.


On the other hand, the Kuwait mutual evaluation report concluded that the country has a strong legal and supervisory system in place to combat ML/TF/PF. However, there are significant weaknesses in achieving effective results. Kuwait has been advised:

  • Develop an understanding of ML/TF risks.
  • Strengthen TF investigations and prosecutions.
  • Ensure that assets related to terrorism or mass destruction are immediately seized and legally recognized.
  • Increase measures to prevent abuse of legal workers while protecting the nonprofit sector from TF risks.

Reports from both countries are awaiting publication following the FATF’s final quality and consistency review.

Enhancements in FATF’s Country Prioritization and Assessment Methods

FATF members have reached a significant milestone by approving new criteria to prioritize countries for its International Cooperation Review Group (ICRG). This process targets countries with strategic deficiencies in anti-money laundering and counter-terrorist financing (AML/CFT) that pose risks to the global financial system, potentially leading to grey or blacklisting by FATF. The updated criteria aim to ensure fairness, transparency, and consideration for capacity challenges in the least developed countries.

Additionally, members have agreed on assessment methods aligned with the revised FATF Standards on asset recovery and international cooperation. It emphasizes the importance of prioritizing asset recovery, tracing criminal proceeds, enforcing confiscation orders, and fostering timely international collaboration.

Strategic Initiatives

Here are the key strategic initiatives from the June 2024 FATF review

Review of DNFBP Compliance:

FATF reviewed measures to prevent gatekeepers (like accountants and lawyers) from aiding money laundering and terrorism financing. The findings of this will be published in July 2024.

Virtual Assets Standards Update:

FATF monitors global progress in implementing standards for virtual assets (VAs) and VASPs. As of 2024, 75% of jurisdictions are partially or non-compliant with FATF standards, posing risks to VAs and VASPs. FATF calls for rapid, full implementation of requirements to mitigate misuse and plans to publish its fifth annual update in July 2024 to continue monitoring and supporting FATF compliance efforts.

Payment Transparency:

The FATF is updating its standards to reflect changes in cross-border payment systems, and industry standards (especially ISO 20022), and ensure AML/CFT compliance. The FATF plenary meeting also discussed the results of the public consultation on the reform process, which aims to make cross-border payments faster, cheaper, and more transparent. Consequently, it was decided that further discussions with the relevant experts were necessary before finalizing the amendment.

Global Network Cooperation:

At the FATF-FSRB Annual High-Level Meeting, delegates discussed progress towards the 2022 Strategic Vision for Global Networks. As a result, three priorities for the coming year were agreed upon:

  • Increased involvement of FATF-style regional bodies (FSRB) in FATF work.
  • Preparing for new mutual evaluations.
  • Strengthening regional AML/CFT expertise.

Women in FATF and Global Network Initiative:

FATF launched Women in FATF and the Global Network initiative in February 2023. The key highlight of this initiative is the e-book “Breaking Barriers: Inspiring the Next Generation of Women Leaders”. This initiative aims to inspire and support women leaders in AML/CFT enforcement through mentoring programs and community-building efforts.

Russia’s Suspended Membership

Following the FATF Plenary Meeting, Russia’s membership suspension is maintained. FATF urges all jurisdictions to remain alert to risks like financial connectivity, proliferation financing, and cyber threats. FATF members actively defend the global financial system. It emphasizes the responsibility to comply with FATF standards despite Russia’s abandonment of status since the 2022 war with Ukraine.

Mexican Presidency’s Priorities for 2024-2026

Elisa de Anda Madrazo, the incoming FATF President, outlined Mexico’s priorities from July 2024 to June 2026:

  •  Advocate for risk-based implementation of FATF Standards with proportionality.
  • Ensure a successful start to the upcoming round of Assessments.
  • Foster transparency, inclusiveness, and unity among FATF and FSRBs, supporting cooperation proposals.
  • Focus on the effective implementation of updated FATF Standards, emphasizing asset recovery, beneficial ownership, and virtual assets.
  • Continue efforts to combat terrorist financing trends and proliferation financing.

These priorities aim to strengthen global financial standards and enhance collaboration in combating financial crimes.

Bottom line

The sixth FATF’s Plenary 2024 under the Singapore Presidency concluded with strategic initiatives to enhance global financial standards. The FATF plenary report emphasized key anti-money laundering (AML) updates, counter-terrorist financing (CTF) measures, and initiatives to strengthen global cooperation and financial transparency. These measures aim to fortify global financial security by ensuring countries are equipped and willing to tackle challenges associated with asset recovery and international legal cooperation. Compliance with these revised standards will be regularly assessed to ensure FATF member countries remain committed to these objectives. The next FATF Plenary is scheduled for October 2024.


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M Abd'al Bari
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Muhammed Abd'al Bari is a certified Research Professional of KYC/AML Guide. Connect with Muhammed on LinkedIn