Key outcomes of the FATF XX Plenary

The Financial Action Task Force (FATF) has published the key outcomes of the FATF XX Plenary which took place in Paris from February 23-27, 2009. To protect the international financial system from abuse, the FATF has agreed to:

• Issue a Statement calling on its members and urging all jurisdictions to apply effective counter-measures to protect their financial sectors from the money laundering and terrorist financing risks emanating from Iran. The FATF also updated its previous Statement on the money laundering and terrorist financing risks emanating from Uzbekistan, Turkmenistan, Pakistan and São Tomé and Príncipe.
• Adopt an in-depth evaluation of the anti-money laundering and counter terrorist-financing system in South Africa.
• Publish a detailed study on the money laundering and terrorist financing vulnerabilities in the casinos and gaming sector.
• Analyse the impact of the global financial and economic crisis on efforts to combat money laundering and terrorist financing.

(Read the Chairman's Summary, Paris Plenary, 25-27 February 2009.)

AUSTRAC and FINTRAC sign agreement to share compliance information

The Australian Transaction Reports and Analysis Centre (AUSTRAC) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) have signed a memorandum of understanding (MOU) to share compliance information regarding the legislative obligations that exist for numerous individuals and entities in both countries. The agreement was signed during meetings of the Egmont Group of Financial Intelligence Units, held in Guatemala City, Guatemala. (Read the FINTRAC Media Release.)