On 26 June 2025, the Financial Action Task Force (FATF) released its sixth targeted update on global efforts to combat money laundering and terrorist financing in relation to virtual assets (VAs) and virtual asset service providers (VASPs). While some jurisdictions have advanced in implementing FATF Recommendation 15, significant gaps remain. Key issues include ongoing difficulties…
The FATF has updated its Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures to support countries and the private sector in bringing more people into the formal financial sector through proportionate, risk-based approaches to tackling illicit finance. The new guidance highlights that financial inclusion and the fight against financial crime are mutually…
The Financial Action Task Force (FATF) published a report to warn that several jurisdictions are failing to fully implement and enforce targeted financial sanctions, particularly those related to terrorist financing and proliferation. Specifically, the report identifies significant shortcomings in interagency coordination, legal frameworks, and risk-based supervision that hinder effective asset freezes and the detection of…
The Financial Action Task Force (FATF) has issued an important update to its globally recognized AML/CFT framework. The 40 Recommendations, originally adopted on 16 February 2012, form the cornerstone of international efforts to combat money laundering, terrorist financing, and the financing of proliferation. At its June 2025 Plenary, the FATF introduced targeted revisions to Recommendation…
MONEYVAL, the Council of Europe’s FATF-style regional body, has published its 4th Enhanced Follow-Up Report on Cyprus’ framework to combat money laundering and terrorist financing. The report confirms that Cyprus has further strengthened its AML/CFT system, notably in the area of correspondent banking. Based on this progress, the rating for FATF Recommendation 13 has been…
