Financial Action Task Force revises Standards to support financial inclusion and updates increased monitoring list by delisting the Philippines and adding Lao People’s Democratic Republic and Nepal

The Financial Action Task Force (FATF) published the outcomes of its 19–21 February 2025 Plenary, agreeing changes to the FATF Standards to better support a risk-based approach and financial inclusion and updating its decisions on jurisdictions under increased monitoring. The Plenary removed the Philippines from increased monitoring following a successful on-site visit and added Lao People’s Democratic Republic and Nepal to the list. Revisions to Recommendation 1 are intended to encourage countries and financial institutions to apply simplified measures where risks are lower, with the Plenary noting that the related public consultation received more than 140 responses. Members also approved a report on detecting and disrupting online child sexual exploitation by analysing financial flows and producing financial intelligence, confirmed that the Russian Federation’s suspension remains in place, and welcomed Kenya as a guest jurisdiction under a new initiative. FATF agreed to launch three further public consultations covering guidance to support implementation of the Recommendation 1 changes, potential revisions to Recommendation 16 on payment transparency, and work on complex proliferation financing and sanctions-evasion schemes, with details to be published in due course. The online child sexual exploitation report is due to be published in March 2025 and will be launched in London on 13 March 2025, and the Plenary selected Giles Thomson (United Kingdom) as FATF Vice President for 1 July 2025 to 30 June 2027.