FATF session in Paris

05.09.2012

From 17 to 19 October in Paris under chairmanship of Norway the regular session of FATF will take place. The agenda of session concerns implementation of the February renewed standards of FATF and also, what is important, revision of  “black and grey” lists of jurisdictions, legislations of which don’t comply with international regulations. Moreover, the agenda covers determination of jurisdictions with strategic deficiencies in AML/CFT. Decisions made on the plenary session are closed to public, however, “black and grey” lists are published immediately after sessions.

We should remind that plenary sessions of FATF take place 3 times a year which contribute to more effective control of FATF over countries that are against compliance with common standards.

It should be noticed that following the last year October session Ukraine was excluded from the FATF “black” list. 

Expert’s opinion

Today the meaning of FATF is hardly to over evaluate as this organization in face of 36 countries including economically developed jurisdictions (Austria, Great Britain, Germany, USA, Singapore) influences the prestige of states in eyes of potential investors.

It should be highlighted that permanent revision of international FATF standards including “40 + 9 recommendations” leads to global redistribution of financial flows because of changes in “black and grey” lists. However, for tax havens there are no reasons for stress as they don’t refer to any of these lists and take all measures needed for improvement of strategic regimes of AML/CFT. We also should note that nowadays Iran and DPRK are included into the FATF “black” list. Among the “grey” list countries are Bolivia, Vietnam, Ghana, Syria, Thailand, Pakistan, Ecuador, Ethiopia and other countries with the similar economic situation.   

On the basis: http://www.fatf-gafi.org/documents/repository/meetingofthefatfplenaryparis17-19october2012.html

Julia Nepomnyashikh ( Paralegal of Moscow office Company Honest & Bright )