By Urszula McCormack and Lauren Dray. King & Wood Mallesons ‘ Hong Kong Office

mccormack__uThe global standard-setter on AML/CTF, the Financial Action Task Force (FATF) held its recent plenary meeting in Busan, Korea.

Coverage included the ongoing fight against terrorist financing (including the ISIL threat), information sharing and “de-risking” in respect of non-profits and correspondent banking. In this alert, we set out 8 key points covered at the Plenary Meeting and provide 8 key takeaways for financial institutions operating in Hong Kong (FIs).

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