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FATF Plenary Outcomes: Argentina, Oman Reports, Senegal Monitoring

Detected March 13th, 2026

Summary

The Financial Action Task Force (FATF) has published the outcomes of its recent plenary meeting. Key discussions included reports on Argentina and Oman, as well as ongoing monitoring of Senegal. These outcomes provide updates on the FATF's global efforts against money laundering and terrorist financing.

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What changed

The Financial Action Task Force (FATF) has released the outcomes from its latest plenary meeting, detailing discussions and decisions regarding international efforts against money laundering and terrorist financing. The published outcomes specifically mention reports concerning Argentina and Oman, and the continued monitoring of Senegal's progress in implementing FATF standards. This notice serves as an update on the FATF's ongoing work and country-specific assessments.

While this document is primarily informational, it signals the FATF's continued focus on specific jurisdictions and their adherence to global anti-money laundering and counter-terrorist financing (AML/CFT) standards. Regulated entities, particularly those with international operations or exposure to the mentioned countries, should be aware of these developments as they may impact risk assessments and due diligence procedures. No immediate compliance actions are mandated by this notice, but it serves as an indicator of potential future regulatory focus or guidance.

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Outcomes FATF Plenary, 23-25 October 2024

Publication details

Language

English

Country

France

Topic

Plenary Meeting

Paris, 25 October 2024 -

The first FATF Plenary under the Presidency of Elisa de Anda Madrazo of Mexico concluded today.

Delegates from the FATF’s Global Network of over 200 jurisdictions and observers from international organisations participated in three days of discussions on key money laundering, terrorism financing and proliferation financing issues.

The FATF achieved a significant milestone in approving the last two assessment reports in the FATF’s fourth cycle of assessments, the joint FATF-GAFILAT assessment of the Argentine Republic (Argentina) and the joint FATF/MENAFATF assessment of the Sultanate of Oman (Oman). FATF will now focus on its new round which will deliver more focused, risk-based mutual evaluations.

The FATF removed Senegal from its increased monitoring following a successful on-site visit and updated its statements on ‘high-risk and other monitored jurisdictions’.

Members agreed to release for public consultation proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. FATF also approved new guidance on national risk assessments to support countries to understand the illicit finance risks they face.

For the first time, two jurisdictions – Cayman Islands and Senegal – were invited to participate in the FATF Plenary and Working Groups as guests. This represents significant progress on FATF’s priority to increase its inclusivity and broaden the diversity of perspectives at the FATF.

The FATF also discussed standards changes related to cross-border payment systems and progressed work to identify the latest terrorist financing and proliferation financing risks. FATF also commenced a project to review its processes to ensure that countries do not misuse the FATF requirements to restrict the activities of NPOs.

Members reported on the value of the horizontal review of DNFBPs technical compliance related to corruption to support necessary reforms. FATF decided to continue discussing follow-up on this issue at its next meeting.

The suspension of the Russian Federation continues to stand (see February 2024 statement)

Building on the Women in FATF and the Global Network (WFGN) initiative that was launched during the Singapore Presidency, the Plenary discussed proposals to strengthen diversity and inclusiveness throughout the Global Network.

Compliance with the FATF Standards

High-risk

and other Monitored Jurisdictions

Jurisdictions under increased monitoring

Jurisdictions under increased monitoring are actively working with the FATF to address the strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it means the country has committed to implement an Action Plan to resolve swiftly the identified strategic deficiencies within agreed timeframes.

At this Plenary, the FATF added Algeria, Angola, Côte d’Ivoire and Lebanon to the list of jurisdictions subject to increased monitoring.

Jurisdictions no longer under Increased Monitoring

The FATF Plenary congratulated Senegal for its significant progress in addressing the strategic anti-money laundering, countering financing of terrorism and countering financing of proliferation (AML/CFT/CPF) deficiencies previously identified during its mutual evaluation. Senegal has completed its Action Plans to resolve the identified strategic deficiencies within agreed timeframes and will no longer be subject to the FATF’s increased monitoring process.

Senegal will continue to work with the FATF and the Inter Governmental Action Group against Money Laundering in West Africa (GIABA) of which it is a member to continue strengthening its AML/CFT/CPF regimes.

Jurisdictions subject to a Call for Action

The FATF identifies countries or jurisdictions with serious strategic deficiencies to counter money laundering, terrorist financing, and proliferation financing. These jurisdictions are subject to a call for action to protect the international financial system.

Mutual Evaluation Reports of Argentina and Oman

The FATF discussed and approved the joint FATF-GAFILAT mutual evaluation report of Argentina which assessed the effectiveness of the country’s measures to combat money laundering, terrorist financing and proliferation financing, and their compliance with the FATF Recommendations. The Plenary concluded that Argentina has improved its AML/CFT/CPF framework since its last mutual evaluation in 2010 and demonstrates strengths in domestic cooperation and coordination between agencies. However, Argentina needs to improve effectiveness across its AML/CFT/CPF system, particularly on targeted financial sanctions related to proliferation financing. Argentina also needs to better understand the money laundering and terrorist financing risks it faces, in particular laundering from corruption and through informal financial services, and to increase the prosecutions of these crimes in line with its risk profile. Argentina should also strengthen the supervision and regulation for some sectors.

The Plenary also discussed and approved the FATF-MENAFATF assessment of Oman and concluded that Oman has significantly improved its AML/CFT/CPF framework in recent years with robust technical compliance. Oman has taken positive steps regarding the use of financial intelligence, international cooperation combating terrorist financing and implementing targeted financial sanctions for proliferation financing. However, Oman should increase its efforts to achieve greater effectiveness over time, including deepening the understanding of its ML risks, enhancing ML investigations and prosecutions in line with risks and improving confiscation of proceeds of crime. It should also take measures to prevent legal persons from being used for criminal purposes and strengthen risk-based supervision.

The FATF will publish both reports after the FATF’s quality and consistency review is completed.

Membership Issues

The suspension of the membership of the Russian Federation continues to stand. Following the statements issued since March 2022, the FATF reiterates that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system.

Strategic Initiatives

National Risk Assessment

The risk-based approach is at the core of the FATF Recommendations and effective measures to tackle the trillions of dollars of financial flows that fuel crime and terror. A risk assessment is key to a country being able to identify, assess, and understand the risks it faces so that it can direct its resources where it makes the greatest impact.

The FATF has revised its guidance for a national money laundering risk assessment to reflect experiences and lessons it has learnt since 2013, when the guidance was first issued. The guidance will help countries, and in particular low-capacity countries, understand and mitigate their illicit finance risks. The guidance benefits from the experience of over 90 countries across the FATF Global Network facing different risks, challenges and at various levels of capacity.

Financial Inclusion and the Risk-based Approach

At this Plenary, members agreed to release for public consultation proposed revisions to the FATF Standards (mainly Recommendation 1 on assessing risk and applying a risk-based approach) to support financial inclusion.

This work was carried out as a result of the FATF Stocktake report on mitigating the Unintended Consequences of the FATF Standards, which concluded that the flexibility envisaged under the FATF’s risk-based approach is not being fully used. The revisions aim to encourage countries to allow simplified measures as appropriate where countries assess risks to be lower.

The FATF aims to finalise these revisions and guidance to support this work in 2025.

Global Network Cooperation

Under its Mexican Presidency, the FATF aims to increase FSRBs’ voices and participation in FATF work and to strengthen cohesion in the Global Network. This week, FATF made significant progress on this priority.

First, members agreed to strengthen their support to regional bodies to support high-quality, consistent evaluations across the Global Network.

Secondly, the FATF President launched a new initiative by inviting two guest jurisdictions, Senegal and Cayman Islands, to input more actively in the FATF and promote further engagement within the region. This initiative aims to broaden the diversity of perspectives and backgrounds at the FATF from regions of the globe that currently do not have many FATF members involved in their regional bodies as joint members. Invitations to guest jurisdictions are for one year, on a rotational basis.

Ongoing Work and New Projects

Delegates heard updates on ongoing work, including on revisions to the FATF Standards to reflect the evolution of cross-border payment systems and changes to industry standards, and work on a comprehensive update on terrorist financing risks. The FATF is also working on a project that will help detect and prevent online child sexual exploitation, a crime that has seen a significant increase and targets the most vulnerable members of our society. The FATF’s project will focus on the financial transactions and indicators that can identify suspicious behaviour and help protect children all over the world.

FATF Members officially commenced new work including a project working together with data protection and privacy (DPP) experts, the private sector and other international partners on information sharing consistent with different national rules for AML/CFT/CPF and DPP. FATF also commenced a project to review its processes to ensure that countries do not misuse the FATF requirements to restrict the activities of NPOs.

Women in FATF and the Global Network (WFGN) Initiative

The Plenary took stock of actions taken to improve gender diversity in the FATF and discussed further proposals to strengthen this work. The FATF will launch a second mentoring programme to strengthen inclusivity and diversity within the FATF and Global Network, building on the WFGN initiative under the Singapore Presidency.

FATF Plenary Press Conference - 25 October 2024

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25 Oct 2024

High-Risk Jurisdictions subject to a Call for Action - 25 October 2024
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Jurisdictions under Increased Monitoring - 25 October 2024

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