The U.S. Department of the Treasury provided an overview of the most recent Financial Action Task Force (“FATF”) Plenary, which took place in Paris on February 19 – 21, 2025 with delegates from more than 200 jurisdictions around the world. This is the second plenary under the guidance of FATF President Elisa de Anda Madrazo of Mexico. The FATF, which sets global standards for anti-money laundering (“AML”), countering the financing of terrorism, and proliferation of weapons of mass destruction, discussed various topics related to the fight against financial crime, including the evolving risks associated with proliferation and terrorist financing; standards for domestic and cross-border payments; and its plan to solicit public input on an initiative to examine payment transparency and the complex proliferation financing and sanctions evasion schemes. The U.S. Secretary of the Treasury Scott Bessent also stated that he welcomed the FATF’s efforts to strengthen the international financial system by reaffirming countermeasures against Iran in response to the terrorist financing risks that it poses.
After much discussion, the Plenary also agreed to change FATF standards that will better support a risk-based approach and financial inclusion. The FATF also finalized its work on combatting the online sexual exploitation of children and announced its impending plan to publish a report, in which nearly 30 countries contributed, on efforts to protect children from harm and limit financial flows related to the live-streamed abuse of children.
The FATF also issued Annual Report 2023-2024, which summarizes the significant progress made by the former FATF President T. Raja Kumar and his efforts to prevent abuse in the international financial system. His accomplishments include, but are not limited to, the improvement of global transparency standards; guidance and training that enabled numerous countries to implement beneficial ownership registries; and the successful implementation of a new initiative aimed at promoting gender inclusivity by inspiring the next generation of women leaders.
U.S. Department of Treasury Press Release | FATF – Outcomes FATF Plenary | FATF Annual Report 2023-2024