The Financial Action Task Force (FATF) is considering revising Recommendation 16 (R.16), the Explanatory Commentary (INR.16) and the related Glossary of specific terms, to adapt them to changes in business payment models and standards of messages accompanying payments.

Due to the technical nature of this topic, a full consultation will require an ongoing dialogue with relevant bodies and experts in both the public and private sectors. This written consultation is the first step in a wider consultation process, which will also include further discussion and engagement, as appropriate. Please provide your input, including any drafting proposals and your response to the consultation questions set out in the Explanatory Memorandum to FATF.Publicconsultation@fatf-gafi.org with the subject “[author’s] comments on the proposed revisions to R. 16 /INR.16”.

When submitting suggestions, please indicate the name of your organization, the nature of your business and your contact details. Responses to the “Questions for consultation” can be submitted in any format.

You can also send any specific drafting proposals by directly intervening in the draft text of the proposed changes.

The FATF will only use your contact information for the purpose of this public consultation and for further engagement with you on this matter. Your comments will also be shared with FATF delegations during this work, unless you state otherwise.

However, FATF will not share this information with third parties without your consent.

At this stage, the FATF has not adopted the draft revisions of R.16/INR.16 and will consider the comments received in the public consultation to finalize the revisions.

Please consider submitting relevant feedback to this initial consultation phase by 3 May 2024.

Additionally, please consult the FATF website:

https://www.fatf-gafi.org/en/publications/Fatfrecommendations/R16-public-consultation-Feb24.html

Thank you in advance!