The Financial Action Task Force (FATF) held its fourth meeting of the FATF-XXVII Plenary Year in Busan, Korea June 22-24 – under the Korean Presidency of Mr. Je-yoon Shin.
The main issues dealt with were:
* Work on terrorist financing
* Two public documents identifying jurisdictions that may pose a risk to the international financial system
* Further work to improve the implementation of the FATF Standard on beneficial ownership information on legal persons and legal arrangements
* Consolidation of FATF Standards on information sharing.
Discussion of the mutual evaluation reports of Austria, Canada and Singapore.
* Statement on Brazil’s progress in addressing the serious deficiencies identified in its mutual evaluation reports, and the issues that remain.
* An update on AML/CFT improvements in Myanmar and Papua New Guinea.
* Developments in the decline in correspondent banking.
* The establishment of the FATF Training and Research Institute (TREIN).
Click [here](http://www.fatf-gafi.org/publications/fatfgeneral/documents/plenary-outcomes-june-2016.html) for full report on the Outcomes of the Plenary Meeting.
The FATF’s plenary year begins in July and ends in June. Korea holds the Presidency during this Plenary year. During a plenary year, the FATF holds three plenary meetings, a meeting of experts on typologies, and, depending on the focus of current work, intersessional meetings and meetings of various ad hoc groups. The plenary meetings usually take place in October, February and June of each year. All of these meetings are only open to delegations from FATF members, observer jurisdictions and observer organisations. They are not open to the public.