Instead of fundamentally changing its concepts (as is necessary), FATF published a document regarding “Mitigating the Unintended Consequences of the FATF Standards“. In the announcement FATF informs the public that it launced in February 2021 a new project to study and mitigate the unintended consequences resulting from “the incorrect implementation of the FATF Standards“, a project that is focusing on:

• de-risking;
• financial exclusion;
• undue targeting of NPOs; and
• curtailment of human rights (with a focus on due process and procedural rights).

The document reflects the status of the project, which by the looks of it has not yet been completed.

It does not look as if this initiative has had any effects in the Netherlands, even though Queen Máxima is regularly giving speeches on financial inclusion. In this country the discriminatory practices of financial institutions are increasing.

.@UNSGSA Queen Máxima and FATF President @MarcusPleyer discussed the importance & challenges of #financialinclusion and possible new initiatives to better incorporate inclusive finance into the AML/CFT perspective. pic.twitter.com/IC6OQAaNjJ

— FATF (@FATFNews) December 1, 2021

More information:

FATF:

• Announcement: “Mitigating the Unintended Consequences of the FATF Standards”.
• Announcement in French: “Atténuer les conséquences non souhaitées des normes du GAFI”.
• Document “Mitigating the Unintended Consequences of the FATF Standards”.
• At its October 2021 meeting, the FATF Plenary agreed to publish a High Level Synopsis of the Stocktake. 

Other:

• UNSGSA: Queen Máxima Co-Chairs, Delivers Virtual Remarks for High-Level Meeting with Financial Standard-Setting Bodies.