Financial Action Task Force of Latin America reviews implementation of revised FATF Recommendation 8 with 18 member countries

The Financial Action Task Force of Latin America (GAFILAT) published an update on a technical workshop held with representatives from all 18 member countries on implementing recent revisions to Financial Action Task Force Recommendation 8 on nonprofit organizations. The discussions focused on strengthening national capacity to prevent the misuse of nonprofit organizations for terrorist financing without disrupting legitimate activities. Participants reviewed the revised recommendation, interpretive note, assessment methodology and best practices. Key implementation issues included identifying organizations within the FATF definition, conducting sectoral risk assessments and applying risk-based monitoring. The discussions emphasized that national measures should be proportionate, targeted and aligned with FATF standards to avoid unintended consequences from inappropriate anti-money laundering and counterterrorist financing controls.