BANKING AFFAIRS

Detailed explanation-1: -Member since 2010 Since the assessment of the effectiveness of Australia’s measures to combat money laundering and terrorist financing, the country has been in an enhanced follow-up process. The country reported back to the FATF in 2018 on the actions it had taken to strengthen its AML/CFT framework.

Detailed explanation-2: -In March 2022, the FATF agreed on tougher global beneficial ownership standards by requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies.

Detailed explanation-3: -Other African countries already on the FATF grey list include Mozambique, Tanzania, Uganda, DRC, Mali, Senegal, South Sudan, Burkina Faso and Morocco.

Detailed explanation-4: -During a plenary year, the FATF holds three plenary meetings, a meeting of experts on typologies, and, depending on the focus of current work, intersessional meetings and meetings of various ad hoc groups. The plenary meetings usually take place in October, February and June of each year.