The FIAU would like to inform subject persons of the following updates from the Financial Action Task Force (FATF):
Second Public Consultation on Recommendation 16 on Payment Transparency
The FATF is holding a second round of public consultation on revisions to Recommendation 16, its Interpretive Note and the related Glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.
These updates are necessary to ensure that the FATF Standards remain technology-neutral, follow the principle of ‘same activity, same risk, same rules’, while making cross-border payments faster, cheaper, more transparent and inclusive in a safe and secure environment.
Any responses to this consultation including any drafting proposals, and responses to consultation questions set out in the Explanatory Memorandum are to be sent directly to the FATF on [email protected] with the subject-line “Comments of [author] on the proposed revisions to R.16/INR.16” by 18 April 2025.
For further information you may refer to the FATF website.
FATF Updates Standards
The FATF has updated its standards after the February 2025 FATF Plenary approved changes to Recommendation 1 and its Interpretive Note, with corresponding amendments to Interpretive Notes to Recommendations 10 and 15, as well as related Glossary definitions to better support financial inclusion. The amendments aim to better promote financial inclusion through increased focus on proportionality and simplified measures under the risk-based approach.
Further information can be found on the FATF website.
Public Consultation on AML/CFT and Financial Inclusion- Updated FATF Guidance on AML/CFT Measures and Financial Inclusion
The FATF is considering proposals for the update of the FATF Guidance on AML/CFT measures and financial inclusion. The updated Guidance proposed for public consultation reflects the recently adopted amendments to the FATF Standards with increased focus on proportionality and simplified measures in the risk-based approach. It also updates the concept and state of financial inclusion and its relevance to financial integrity, as well as provides additional guidance and updated best practice examples of implementation of the risk-based approach in the AML/CFT regime, with particular focus on simplified measures in lower risk scenarios.
Any responses, including any drafting proposals are to be sent directly to the FATF on [email protected] with the subject-line “Comments of [author] on the draft FATF FI Guidance”, by Friday, 4 April 2025 (18h00 CET).
Further information, as well as the draft Guidance in mention can be found on the FATF website.
Public Consultation on Complex Proliferation Financing and Sanctions Evasion Schemes Project
The FATF is undertaking a study aimed at improving country and private sector understanding of current Proliferation Financing (PF) risks by detailing the techniques used to evade the targeted financial sanctions detailed in Recommendation 7, which is required by the FATF Standards, as well as other national and supranational sanctions that are not covered by the FATF Standards. The report will focus on providing a comprehensive understanding of typologies in complex sanctions evasion schemes relevant to PF and identifying enforcement challenges and best practices, to help in countries’ PF risk assessment and risk mitigation.
Responses to the questions are to be provided by completing the online form by Friday 21st March, 2025 (COB Paris time) .
Further information can be found on the FATF website.