FATF Annual Report 2022-2023

The first year of the Singapore Presidency of T. Raja Kumar saw significant progress made by the FATF in its fight against financial crime, including: 

•  Asset Recovery - important progress to provide countries with a more robust toolkit to target and confiscate criminal assets, including by joining forces with INTERPOL in a strategic partnership through the FATF-INTERPOL Roundtable Engagement to focus on the strategic and operational changes necessary to take the profit out of crime.
• Virtual asset - a roadmap to identify countries with materially important virtual asset activityroadmap to close the gaps in the global regulation of virtual assets and virtual asset service providers.
• Transparency and beneficial ownership - updated guidance to help countries implement the recently revised requirements on beneficial ownership of legal persons and a strengthened FATF Standard on beneficial ownership of trusts and other legal arrangements.
• Methods and trends -  new reports on countering ransomware financing, money laundering and terrorist financing in the art and and antiquities market and the illicit proceeds generated from the fentanyl and related synthetic opioids supply chains.
• Mutual evaluations - publication of the mutual evaluation reports of Germany, Indonesia, the Netherlands and Qatar.
• Unintended consequences - FATF advanced on its work to strengthen its standards and prevent the application of disproportionate measures on non-profit organisations.
• Global Network - this year, the FATF prioritised work to further reinforce partnerships with its regional partners, the FATF-Style Regional Bodies.