The Financial Action Task Force (FATF) announced that it will pause the review process for high-risk jurisdictions (aka “grey list” countries) by an additional four months. Earlier this month, FATF extended the deadline until October for Pakistan (due for review in June) to implement its action plan.
FATF also posted a new schedule for regular mutual evaluations.
FATF continues, however, to state that it “will not let up on its efforts to fight money laundering, terrorist financing and proliferation financing” despite the delays.
The gravity of the COVID-19 situation globally and the consequent COVID-19 related measures that countries have adopted, such as confinement and travel restrictions, are making it impossible for assessed jurisdictions and assessors alike to conduct on-site visits and in-person meetings. This situation has significantly impacted countries’ ability to actively participate in mutual evaluation and related follow-up processes. The FATF Plenary acknowledges these severe challenges that countries face at this difficult time.