The FATF hosted the Plenary from 19-21 February 2020. More than 800 delegates, representing the global network of 205 countries and jurisdictions, as well as international organisations, discussed among others, the following issues:
- Mitigating the money laundering and terrorist financing risks of virtual assets;
- Understanding and leveraging the use of digital identity;
- Promoting and facilitating more effective supervision at national level;
- Strategic review of the FATF Global Network assessment processes; and
- FATF Presidency 2020-2022.
The FATF has been closely monitoring the implementation and impact of its new standards to address the potential ML and terrorist financing TF risks of virtual assets, including the progress made towards fully implementing the ‘travel rule’, which requires transparency about the originator and beneficiary of payments.
The FATF discussed progress in its 12-month review of the implementation of the FATF’s new requirements, taking into account updates from private sector representatives on their proposed technical solutions. The FATF will report to the G20 in July 2020 on its analysis of ML/TF risks associated to so-called stablecoins and the application of the FATF Standards to them.