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  The GCC General Secretariat participates in the Meetings of the Financial Action Task Force (FATF)

GCC- Riyadh
The GCC General Secretariat represented by the Anti-Money Laundering and Terrorist Financing Department, participated in the third general meeting of the thirty-first session of the Financial Action Task Force (FATF). Held via visual communication under the presidency of the People's Republic of China on Wednesday, 24 June 2020, as well as in the working groups meetings held during the last period.
In his opening speech, the Governor of the People's Bank of China stressed the importance of the implemented initiatives and considered one of the priorities of the Chinese presidency. Which included; strengthening national supervision in the field of combating money laundering and terrorist financing, strategic review of group policies, Combating the laundering of the proceeds of illegal trade in wildlife. He also thanked all members for their commitment in the exceptional circumstances that led to the meetings held for a month instead of a week as usual.
The general meeting discussed a number of issues, the most important of which were the amendments added to the FATF recommendations to keep pace with the continuous development in virtual currencies and work to reduce their risks. As well as the current situation of countries suffering from strategic deficiencies in the anti-money laundering and terrorist financing systems and agree on them, and the impact Corona pandemic on the FATF work and on the global network. In addition to, the schedule of the mutual evaluation process within the framework of the current round, and agreed on the new projects, the training plan and the latest developments on the E-learning program, as well as reviewing the priorities of the German presidency for the next two years.