The third [FATF]( Plenary meeting of Plenary Year FATF-XXVII was held in Paris, 17-19 February.

The [main issues]( dealt with were:

* Work on terrorist financing, which remains the top priority for the FATF.

* Approval of a Consolidated FATF Strategy on Combating Terrorist Financing. ¹

* A statement on Brazil’s continued failure to address the serious deficiencies identified in its mutual evaluation reports.

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

* An update on AML/CFT improvements in Algeria, Angola and Panama.

* Malaysia welcomed as a member to the FATF.

* Israel welcomed as an observer to the FATF.

* Adoption of Guidance for a Risk-Based Approach for Money or Value Transfer Services.

* Revising the FATF/FATF-Style Regional Body High-Level Principles and Objectives.

* Developments on de-risking.

¹*Focus on enhancing effective exchange of information; Considering whether changes are necessary to the FATF Standards for combatting terrorist financing; and Assessing and improving implementation of counter terrorist financing measures*

##The FATF##

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The FATF has developed a series of [Recommendations]( that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

The FATF’s decision making body, the FATF Plenary, meets three times per year.