Financial Action Task Force Launches Consultation on Guidance on Proliferation Financing Risk Assessment and Mitigation03/01/2021The Financial Action Task Force has launched a consultation on its proposed non-binding Guidance on proliferation financing risk assessment mitigation. The FATF updated its Guidance for proliferation financing risks under Recommendation 1 and its Interpretive Note of the FATF Recommendations in October 2020. The new proposed Guidance is intended to provide a common understanding about how countries and firms can implement the new requirements. The Guidance includes:
- Guidance on conducting a proliferation financing risk assessment for both the public and private sectors, and on the key concepts relevant to that assessment;
- Measures that countries, financial institutions and designated non-financial businesses and professions (e.g., lawyers, notaries and real estate agents) can take to mitigate their proliferation financing risks; and
- Guidance on how supervisors and self-regulatory bodies should oversee the assessment and mitigation of proliferation financing risk by financial institutions and designated non-financial businesses and professions.
Responses are sought from private sector stakeholders, particularly financial institutions and designated non-financial businesses and professions. Responses should be submitted by April 9, 2021. The FATF will consider responses and revise the proposed Guidance accordingly in time for its June 2021 meetings.
View FATF's consultation on the Guidance.
View details of FATF's revisions to Recommendation 1.
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