Treasury: FATF adopted US and Mexico evaluations, scam compound report and crypto review
The US Treasury said the Financial Action Task Force adopted the mutual evaluation reports of the United States and Mexico at its first plenary under the UK presidency. Treasury said the plenary also kept Iran on the blacklist, adopted a report on scam compound finance and agreed a targeted review of jurisdictions with long-standing virtual asset weaknesses.
The US Department of the Treasury said on 6 November 2026 that senior Treasury officials had led a US government delegation to the plenary meetings of the Financial Action Task Force (FATF), the global standard setter for countering money laundering, terrorist financing and proliferation financing. Treasury said the FATF concluded its first plenary under the United Kingdom presidency.
According to Treasury, the FATF adopted the mutual evaluation reports of the United States and Mexico. A mutual evaluation is a peer review of how well a country's anti-money laundering and counter-terrorist financing (AML/CFT) system meets FATF standards and works in practice. The headline of Treasury's release says the FATF recognized the effectiveness of the US AML/CFT system, but the release does not give the ratings or findings in either report.
Treasury said Iran remains on the FATF blacklist. It said the FATF called on all nations to implement the reimposed United Nations Security Council resolutions linked to Iran's ongoing lack of compliance with its nuclear agreements, and reminded all jurisdictions to impose countermeasures on Iran that restrict correspondent banking, digital asset transactions and business relationships with Iran.
Treasury also said the FATF adopted a report examining the financial flows behind Southeast Asian scam compounds and will advance concrete measures that use its full range of tools to drive more decisive action against them. On virtual assets, Treasury said the FATF agreed to launch a targeted review of certain jurisdictions with long-standing deficiencies in the virtual assets sector, which will set out decision points for the next FATF plenary. The release does not name the jurisdictions under review.
Why it matters to AML professionals
FATF plenary outcomes shape country risk ratings, correspondent banking decisions and the jurisdiction lists that screening and monitoring rules rely on. A targeted FATF review of weak virtual asset regimes can lead to new listings or calls for action, so firms with crypto exposure should watch the next plenary closely. Published mutual evaluation reports also show which parts of a country's AML/CFT system assessors judged weak, which can inform customer and country risk assessments.
Red flags in this case
- Payments routed through exchanges or payment firms in jurisdictions known for weak virtual asset supervision
- Customer funds moving to or from accounts linked to Iran, or through intermediaries that obscure an Iranian counterparty
- Repeated transfers from older customers to new investment or crypto platforms they cannot clearly explain
- Accounts receiving many small deposits from unrelated people and quickly sending the funds overseas or into crypto
If this landed in your queue
- Check the customer's and counterparties' jurisdictions against the latest FATF public statements and your firm's country risk list
- For any Iran nexus, escalate to the sanctions team and confirm whether the activity is permitted before processing
- Where a scam pattern is suspected, review the customer's recent payment history for transfers to unfamiliar investment or crypto platforms and contact the customer if your procedures allow
- Document the jurisdiction risk rationale in the case notes and file a suspicious activity report if the activity remains unexplained
Key terms
- Mutual evaluation report
- A FATF peer review that rates how well a country's AML/CFT laws meet FATF standards and how effectively they work in practice.
- Countermeasures
- Extra restrictions FATF asks countries to apply to a high-risk jurisdiction, such as limiting correspondent banking or business relationships.
- Plenary
- The FATF's decision-making meeting, held three times a year, where members adopt reports and update the lists of high-risk jurisdictions.
Interview angle
How do FATF plenary outcomes affect your day-to-day AML work?
Explain that FATF lists and statements feed the firm's country risk ratings, which change customer risk scores, due diligence levels and monitoring rules. Give an example, such as applying enhanced due diligence or blocking business for a jurisdiction subject to a call for action, and mention checking each plenary's outcomes.
Sources
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