The first [FATF Plenary meeting]( of Plenary year FATF-XXVI was held on 22-24 October 2014. The meeting was held under the Australian Presidency of the FATF.

The FATF has updated its public statement identifying jurisdictions with strategic deficiencies in anti money-laundering / countering the financing of terrorism measures. FATF calls on countries to apply counter-measures to Iran and the Democratic People’s Republic of Korea. FATF also calls its member to consider the risks emanating from Algeria, Ecuador, Indonesia and Myanmar.

The main issues dealt with by this Plenary were:

* Issuing a statement to clarify the risk-based approach in the light of the de-risking phenomenon: ‘FATF clarifies risk-based approach: case-by-case, not wholesale de-risking’

* Expressing concern with the financing generated by and provided to the terrorist group the Islamic State of Iraq and the Levant (ISIL): ‘FATF action on the terrorist group ISIL’

* Producing two public documents identifying jurisdictions that may pose a risk to the international financial system:
1. Jurisdictions with strategic anti-money laundering and combating the financing of terrorism (AML/CFT) deficiencies for which a call for action applies
2. Jurisdictions with strategic AML/CFT deficiencies for which they have developed an action plan with the FATF

* Discussing the fourth round mutual evaluation reports on compliance with the FATF Recommendations of Norway and Spain.

* Approving Turkey’s exit from the targeted follow-up process of the third round of mutual evaluations.

* Welcoming Japan’s important progress in its legislative actions, and encouraging Japan to continue to address deficiencies, including through the adoption of relevant bills.

* Receiving an update on AML/CFT improvements in Argentina,

* Reviewing the voluntary tax compliance programmesin several jurisdictions.

* Adopting and publishing:

[Guidance on Transparency and Beneficial Ownership](

[Risk-based approach guidance for the Banking Sector](http://Risk-based approach guidance for the Banking Sector)

* Receiving an update on FATF’s membership expansion.

* Hearing a briefing by the Chair of the Egmont Group on recent developments in financial intelligence units and welcoming a closer co-operation with the Egmont Group.