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The Financial Action Task Force (FATF) has updated its Recommendation 6 on targeted financial sanctions related to terrorism and terrorist financing to better support humanitarian activities, according to an official statement issued by the FATF.
Recommendation 6 of the FATF Standards requires countries to implement targeted financial sanctions to comply with United Nations Security Council resolutions (UNSCRs) relating to the prevention and suppression of terrorism and terrorist financing. The updated Standards will require countries to comply with the humanitarian exemption contained in UNSCRs 2664, 2761, and 2615. The updated Standards ensure that sanctions measures do not block the flow of funds, assets, resources, goods, and services necessary for humanitarian assistance and basic human needs, in line with the UN framework, the statement further read. FATF President Elisa de Anda Madrazo said, "Measures to counter terrorism and its financing are essential to our collective security. As the Security Council has underscored, these measures are not intended to impede the timely delivery of humanitarian assistance or the provision of basic human needs. Our frameworks must ensure that both objectives can be upheld in a balanced and effective manner, and I urge all countries to take note of the important revisions the FATF has made to align with the UN framework." The updates to the Standards are part of the FATF's broader strategy to mitigate unintended consequences caused by the misapplication of measures to combat money laundering and terrorist financing. As part of this work, the FATF promotes a risk-based approach to fighting financial crime, the statement added. (ANI)
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