21st March 2024
The Financial Action Task Force (FATF) is conducting a review of Recommendation 16, its Interpretative Note and the related Glossary of specific terms.
The objective of the proposed revisions is to ensure that the FATF Standards remain technology-neutral and to help making cross-border payments faster, cheaper, inclusive and more transparent.
The proposed revisions are attached to an Explanatory Memorandum which presents eighteen questions for consultation across various issues. This written consultation is the first step in a wider consultation process. Any responses should be sent by 3rd May 2024 by providing draft proposals and responses to the consultation questions set out in the Explanatory Memorandum to [email protected].
More information on the consultation process, as well as the Explanatory Memorandum in mention, may be found on the FATF’s website.
Once the revision of Recommendation 16 is finalised, the FATF will develop a guidance paper on payment transparency to ensure a consistent implementation of FATF Standards between the different jurisdictions.