At its last virtual plenary meeting in October 2020, the Financial Action Task Force (FATF) adopted amendments to Recommendation 1 which now require countries and the private sector (financial institutions and DNFBPs) to identify, and assess the risks of potential breaches, non-implementation or evasion of the targeted financial sanctions related to proliferation financing and to take action to mitigate these risks.
This document provides an overview of these amendments to Recommendation 1 of the FATF and suggestion on conducting a PF Risk Assessment.
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