FATF Issues Statement after Meeting and Australia Issues Goals for its Presidency

On June 27, 2014, at the end of its annual meeting the Financial Action Task Force (FATF) issued updates on problems of various countries and jurisdictions in meeting international AML and TF standards, addressed the transition between the third and fourth round of assessments, reviewed voluntary tax compliance programs in several jurisdictions, reported on virtual currencies: key definitions and potential AML /CFT risks, adopted and published the typologies report on the risk for terrorist financing abuse of the non-profit sector, issued a report on the risk of terrorist abuse in non-public organizations, and adopted and published the typologies report on the financial flows linked to the illicit production and trafficking of Afghan opiates and associated ML/TF activities.  The new Australian Presidency also issued its goals for its Presidency.