• Update on recent developments on de-risking • Improving the understanding of virtual currencies risks. • Improving the effectiveness of the Criminal Justice System: FATF global engagement with judges and prosecutors.• Outcomes of the meeting of the FATF Forum of Heads of Financial Intelligence Units (FIUs), which was held in the margins of the Plenary. • Activities of the FATF Training and Research Institute in Busan, Korea.Any rewards, according to the bill, would be paid out from funds appropriated from those convicted for funding terrorism, as well as from related fines and forfeitures.Elsewhere, the bill states that grants would also be made available, to be authorized by the Secretary of the Treasury, for technology solutions that might help detect illicit financing activities.The new operational plan will provide a forward looking and comprehensive plan of action for FATF in tackling terrorist financing, which continues to be the FATF’s top priority.
We will discuss and update our statements identifying high-risk and other monitored jurisdictions.
o Jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF.
• Monitoring Iran’s actions to address deficiencies in its AML/CFT system. • Revisions on information sharing to the FATF Methodology.
As reported by Coin Desk last year, the House of Representatives also introduced the "Homeland Security Assessment of Terrorists Use of Virtual Currencies Act" to study the same issue.
Apart from the scope of research and legal proposals, bill 4752 would also appoint the Secretary of the Treasury to initiate a program to reward individuals that provide information leading to convictions for illicit use of cryptocurrency in terrorism financing.
FATF will discuss its engagement with the Fin Tech and Reg Tech sectors and future steps to support responsible innovation.