The Financial Action Task Force (FATF) convened its 34th Plenary in Mexico City under Chair Elisa Madrazo, focusing on advancing global anti-money laundering (AML) and counter-terrorism financing (CFT) standards. The event brought together member countries, regional bodies, and key stakeholders to discuss emerging risks, particularly in cyber-enabled fraud and virtual assets. Reports were adopted to guide responsible technological innovation while mitigating evolving threats. The plenary also emphasized the importance of inclusive participation and strengthening the FATF global network.
Impacted parties include financial authorities, private sector entities, and countries subject to FATF standards and evaluations. High-risk countries such as Iran, North Korea, and Myanmar retained their status, requiring enhanced due diligence and countermeasures. Austria, Italy, and Singapore underwent mutual evaluations, with effectiveness of AML/CFT frameworks assessed. The Korean delegation, led by Hyung-Joo Lee, highlighted the necessity of close cooperation between private and supervisory sectors for effective risk-based implementation.
The plenary took place from February 9 to 13, 2026, and set strategic priorities for the next two years, including the election of Giles Thomson (UK) as the new FATF Chair for the 2026–2028 term. Reports on cyber fraud, offshore virtual asset service providers (VASPs), and stablecoins were adopted, with public release scheduled for the following month. The next plenary will be held in June 2026 at the OECD headquarters in Paris. Member countries are expected to implement key recommended actions within three years following mutual evaluations.
Frequently asked questions include: What actions are required for high-risk countries? They must implement countermeasures and enhanced due diligence in financial transactions. How does FATF address new risks in virtual assets? Reports provide guidance for regulatory inclusion and risk mitigation, with input from member countries like Korea. What is the role of FATF TRAIN in education? The Korean-supported FATF TRAIN enhances AML capacity for over 200 countries, with ongoing proposals to expand and diversify funding and programs.
The FATF 34th Plenary showcased a strong commitment to addressing new and evolving threats in global finance, particularly cyber fraud and virtual assets. By maintaining sanctions on high-risk countries and adopting comprehensive reports, FATF ensures member states remain vigilant and adaptive. Korea’s advocacy for private-public cooperation and expanded educational programs reflects the importance of capacity building in AML/CFT effectiveness. The strategic direction for 2026–2028, including leadership changes and enhanced regional participation, is expected to reinforce global financial integrity and resilience.