In July 2024, the Financial Action Task Force (FATF) developed a report on ‘Horizontal Review of Gatekeepers’ Technical Compliance Related to Corruption’ following the FATF’s Report on the State of Effectiveness and Compliance with the FATF Standards1, published in April 2022, which reported that gatekeepers like lawyers, accountants, trust and company service providers, and real estate agents in overall have a poorer understanding of their risks than financial institutions and regularly fail to mitigate them, making them vulnerable to exploitation

The second Egmont Group report on the rise of extreme right wing (XRW) terrorist groups and associated terrorism financing addresses a number of limitations and challenges that the first report in 2022 identified. The report explores measures to enhance understanding and detection of XRWTF, as well as the scope to move beyond bilateral exchange to engage multilaterally where possible on XRW threats. Both elements are examined mainly through an operational lens

In April 2024, the Egmont Group Information Exchange Working Group (EG IEWG) developed a report to support continuous efforts in the fight against the abuse of NPOs for TF activities. This report supplements the FATF’s work by providing a refined understanding of how NPOs are exploited for TF purpose and helps to develop new knowledge on typologies and financial treats through the understanding of the NPO sector, the identification measures, updates and expansion on existing information

In October 2018, the FATF strengthened its Recommendation 15 (R.15) to address virtual assets and VASPs. Failure to regulate VASPs in one jurisdiction can lead to serious global implications due to its inherently international and borderless characteristics

Section 14C of the FIAMLA requires all reporting persons, as defined under the FIAMLA to register with the FIU, established under Section 9 of the FIAMLA. On 27th March 2024, the FIU issued a Notice ‘FIU/Notice/2024/01’ (‘the Notice’) with respect to registration of reporting persons pursuant to Section 14C of the Financial Intelligence and Anti-Money Laundering Act (FIAMLA)

On 11th March 2024, the FATF has updated its risk-based guidance following the February 2023 revisions to FATF Recommendation 25 on Beneficial ownership and transparency of legal arrangements.

The SADC Secretariat successfully operationalized the SADC Anti-Money Laundering Committee (‘the SADC AML Committee’) at inaugural meeting of the SADC AML Committee held between 21 and 23 February 2024 in Johannesburg, South Africa. The SADC AML Committee has the objectives, among others, to facilitate the convergence of the AML/CFT policies, laws and regulatory practices of SADC Member States within the framework of the FATF Recommendations and support effective and proportional action against money laundering and the financing of terrorism in the region.

The Egmont Group released its Public Summary report on the “Abuse of Virtual Assets for Terrorist Financing Purposes’’. Virtual Assets abused in terrorism financing is a current focal point of discussions. As per the Egmont group, understanding trends in emerging technologies will enable the identification of potential vulnerabilities associated with new technologies, particularly virtual assets.