On March 24-25 the FATF hosted a meeting of the [Private Sector Consultative Forum](http://www.fatf-gafi.org/documents/news/private-sector-march-2014.html) to discuss implementation of the anti-money laundering and counter-terrorist financing (AML/CFT) measures set out in the [FATF Recommendations](http://www.fatf-gafi.org/topics/fatfrecommendations/documents/internationalstandardsoncombatingmoneylaunderingandthefinancingofterrorismproliferation-thefatfrecommendations.html). The intent also was to seek input and feedback into ongoing FATF work, and hear about issues of concern or interest to the private sector.
The meeting was cohosted by various groups, including the European Banking Federation (EBF) and attracted over 120 participants representing the financial sector, other businesses and professions subject to AML/CFT requirements, civil society, as well as representatives of FATF members. Items on the agenda included the risk-based approach, virtual currencies, United Nations sanctions lists and recent developments in FATF work.
##Recent developments in FATF work##
The FATF updated the members of the Forum about recent activities and developments, including outcomes of a recent dialogue between [AML/CFT experts and Data Protection and Privacy](http://www.fatf-gafi.org/topics/fatfgeneral/documents/meeting-data-protection-24-march-2014.html) experts which took place in Brussels earlier in the week, the adoption of detailed processes and procedures to conduct the 4th round of FATF mutual evaluations, and the publication of the following guidance and typologies reports which were developed with key input from the private sector:
* Guidance on New Payment Products and Services
* Guidance on Politically Exposed Persons
* Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals
* Money Laundering and Terrorist Financing through Trade in Diamonds
The FATF underlined its commitment to continuing engagement with the private sector, noting the value that such dialogue brings to the work of the FATF. *”The Private Sector Consultative Forum plays an important role in fostering effective implementation of the FATF Recommendations by bringing together representatives of sectors which are subject to AML/CFT requirements to discuss issues of common interest.”*