FATF Advances Work in Combatting Corruption, Takes Steps to Mitigate Unintended Consequences for Non-Profits

PARIS – Today, the Financial Action Task Force (FATF) concluded the third plenary of the Singaporean presidency, during which it advanced its anti-corruption agenda, approved for public consultation a revised non-profit standard, and discussed the limited progress on global implementation of the FATF standard on virtual assets. The FATF also discussed potential revisions to its standards on asset recovery, which will be readdressed later this year.

“The United States commends the FATF’s continued efforts to combat corruption and to support access to financial services for humanitarian organizations,” said Secretary of the Treasury Janet L. Yellen. “The FATF’s work complements Treasury’s expansion of humanitarian authorizations across U.S. sanctions programs as well as our efforts to safeguard the U.S. financial system from abuse by corrupt and criminal actors—including by bringing greater transparency to corporate ownership and the U.S. real estate sector.”

This was the first Plenary after the FATF took historic steps in February to suspend the Russian Federation from its membership for its gross violation of the commitment to international cooperation and mutual respect upon which FATF members agreed to implement as well as supporting the FATF Standards. 

Full outcomes of the FATF Plenary, 23 June 2023

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