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Ch a i r m an s Su m m ar y, Pa r is P l en a r y, 14 -16 Oc to b e r

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The FATF welcomed the Republic of Korea as a full member of the FATF. Click here tosee the full statement released on 14 October.

The FATF Plenary has taken important new steps to protect the international financialsystem from abuse by:

Responding to the call by the G20 Leaders to identify h igh r i sk j u r i sd i c t i ons byFebruary 2010.Issuing a statement reaffirming its call on members and others jurisdictions foreffective counter-measures concerning the risks to the integrity of the internationalfinancial system emanating from I r a n . The FATF remains concerned about themoney laundering and terrorist financing risks emanating from Uzbekis tan ,T u r k m e n i s t a n, Pakis tan and So Tom and Pr nc ipe .Adopting evaluations of the anti-money laundering and counter-terrorist financingsystems in Aruba , Kingdom o f t he Ne the r lands and New Zea land .Publishing a detailed examination of the risks ofm o n e y l a u n d e r in g a n d t e r r o r i s tf i nanc ing in t he secu r i t i es sec to r .Publishing new guidance for the l i f e i nsu rance sec to r on applying a risk-basedapproach to combating money laundering and terrorist financing.

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The G20 Leaders released a public statement following their meeting in Pittsburgh on 24and 25 September 2009. In this statement, the G20 Leaders welcomed the progressmade by the FATF in the fight against money laundering and terrorist financing. The

FATF Plenary will take action on the items as mentioned in their statement:We welcome the progress made by the Financial Action Task Force (FATF) in the

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Pgina 1 de 5Chairmans Summary, Paris Plenary, 14-16 October 2009

19/10/2009http://www.fatf-gafi.org/document/11/0,3343,en_32250379_32236836_43898507_1_1_1_1,00.html

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P i 5 d 5Ch i S P i Pl 14 16 O t b 2009

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Also available:

Rsume du Prsident, runion Plnire du GAFI, Paris, 14-16 octobre 2009 (French)

Related documents:

The FATF welcomes the Republic of Korea as a member (English)

banks not having a relationship with each other that allows them to settle with eachother directly. The FATF released the following statement on cover payments.

Paul VlaanderenFATF President16 October 2009

Paris

FATF STATEMEN T ON COVER PAYMENTS

The FATF welcomes the work of the international banking community and the BaselCommittee on Banking Supervision (BCBS) to address the potential for misuse of coverpayments and to promote greater transparency of cross-border wire transfers.

The FATF reminds jurisdictions that they should ensure that financial institutions aresubject to adequate AML/CFT regulation, and urges financial supervisors and financialinstitutions to focus on the transparency of cover payments and all cross-border wiretransfers. As noted in the BCBS paper on due diligence and transparency regardingcover payment messages related to cross-border wire transfers, increasingtransparency in payment messages does not depend on messaging standards alone,

but also on the implementation of appropriate practice by banks involved in processingthe transfers.

The FATF will review the effect of these developments and will amend as appropriate itsstandards to ensure transparency of cover payments and to address money launderingand terrorist financing vulnerabilities associated with the abuse of such payments.

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Pgina 5 de 5Chairmans Summary, Paris Plenary, 14-16 October 2009

19/10/2009http://www.fatf-gafi.org/document/11/0,3343,en_32250379_32236836_43898507_1_1_1_1,00.html