FATF Holds Plenary in Mexico, Advances Key Illicit Finance Initiatives | U.S. Department of the Treasury
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FATF Holds Plenary in Mexico, Advances Key Illicit Finance Initiatives
February 20, 2026
MEXICO —Last week, the Financial Action Task Force (FATF), the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF), concluded its fifth Plenary under the Mexican presidency. The FATF agreed to publish two reports on digital assets, imposed additional countermeasures on Iran, and adopted Mutual Evaluation Reports for Austria, Italy, and Singapore.
The FATF reiterated the terrorist and proliferation financing risks emanating from Iran, which remains on the FATF’s blacklist. The FATF reminded all nations to implement reimposed United Nations Security Council Resolutions related to Iran’s ongoing lack of compliance with its nuclear agreements. The FATF also called upon all jurisdictions to impose additional countermeasures to restrict correspondent banking, digital asset transactions, and business relationships with Iran given its severe illicit finance risks.
The Plenary approved for publication two reports related to digital assets. The first assesses and proposes ways to mitigate illicit finance risks posed by the misuse of stablecoins and unhosted wallets. The second report is on good practices and challenges associated with mitigating risks associated with offshore digital asset service providers. Digital assets play a crucial role in global innovation and economic development, and the United States appreciates the FATF’s efforts to prevent abuse of this critical industry.
The Plenary also adopted the Mutual Evaluation Reports of Austria, Italy, and Singapore, which will be published on the FATF website. These reports contain the conclusions of a peer review by FATF members to assess the jurisdictions’ AML/CFT/CPF legal frameworks, as well as the effectiveness with which they implement those frameworks. The United States will be assessed for its compliance with the FATF standards in 2026.
The FATF also agreed to hold a meeting of FATF Ministers in April 2026 in Washington, D.C. to discuss the body’s priorities for the next two years and agreed that the UK will become the next President of the FATF, beginning in July 2026.
Click here to read the Outcomes of the FATF Plenary, 13 February 2026.
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