New FATF President receives delegation from Global NPO Coalition on FATF
The new Financial Action Task Force (FATF) President Elisa de Anda Madrazo received a delegation from the Global NPO Coalition on FATF in Paris on 11 October to provide input on a new training module for public servants.
A new training module is under development for public servants around the FATF Recommendation 8, which deals with the non-profit sector. The training module will include an introduction to the FATF ecosystem of NPOs; Combatting Terrorism Financing Abuse of Non-Profit Organisations; Self-regulatory Measures and Access to Financial Services. The Global NPO Coalition is being asked to provide input on the module and used the opportunity to advocate for an inclusion of the humanitarian exemption in line with the approach taken by the UN. FATF will revise its Recommendation 1 with a view to encourage simplified due diligence. There will be a public consultation on the revisions this year and inputs from the NPO sector are welcome.
The FATF President also encouraged the Global NPO Coalition to continue sharing information regarding developments on the ground and all Philea and WINGS members are invited to do so. Concern was raised around the application of the FATF beneficial ownership policy to the NPO sector as Philea stated that recent policy amendments did not lead to desired clarity. FATF confirmed that in the case of NPOs the beneficial ownership should be those individuals exercising control over the organisation and not grant recipients/beneficiaries, as NPOs benefit the general public.
Elisa de Anda Madrazo began her term as President in July 2024 and has shared her priorities for her mandate will include the effective implementation of revised FATF Standards, an updated understanding of terrorist financing and proliferation risks and strengthened cohesion within the Global Network.
Philea is a member of the core group of the Global NPO Coalition of FATF and also represents the philanthropy sector in the FATF Private Sector Consultative Forum.
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