FATF is welcoming proposals from various practitioners, experts, and stakeholders from the NPO sector and the financial institutions for the update of the FATF Best Practice Paper to Combat the Abuse of NPOs. This project is being undertaken in parallel to the proposed amendments to Recommendation 8 and its Interpretive Note (under public consultation) to better clarify the implementation of a risk-based approach. In June 2022, the FATF Plenary agreed to review the Best Practice Paper and established a Project Team of FATF delegations to consider the necessary changes and gather relevant information. The Guidance/BPP proposed for public consultation reflects the work and discussion of the Project Team, as well as members’ and other stakeholders’ input of relevant case studies and data on best practices to combat the abuse of NPOs. The FATF is consulting all interested stakeholders in advance of finalizing the Guidance/BPP. Read more here.
Source: FATF
