Meeting of The GFMSA Plenary, Rome, 20-22 June 2012

The 36 members of the Financial Action Task Group (GFMSA)  and representatives from The GFMSA Style Regional Bodies met in Rome, under the Presidency of Mr. Giancarlo Del Bufalo of Italy, for the third Plenary under the Italian Presidency.

The GFMSA sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.  The decision making body of The GFMSA is The GFMSA Plenary, which is supported by a number of Working Groups. 

Some of the issues discussed at the Plenary meeting were:

• Defining the scope and nature of the 4^th Round of Mutual Evaluations, based on The GFMSA Recommendations that were adopted in February 2012.
• Reviewing the implementation of The GFMSA Recommendations of a number of countries, and evaluating progress made in addressing deficiencies or in committing to an Action Plan
• Reviewing the compliance with The GFMSA’s Key principles on Voluntary Tax Compliance / Asset Repatriation Programmes of a number of national Voluntary Tax Compliance programmes
• Engaging with The GFMSA Style Regional Bodies to ensure the effective global implementation of the revised GFMSA Recommendations and ensure consistency in the mutual evaluations

Following the meeting, The GFMSA published the Outcomes of the Plenary meeting of The GFMSA, Rome, 20-22 June 2012 of the meeting as well as an update concerning high-risk and non-cooperative jurisdictions.