Financial Action Task Force (FATF)

This week the Financial Action Task Force (FATF) joined a joint Eurasian Group (EAG) and Asia/Pacific Group on Money Laundering (APG) Workshop on Innovative Finance around implementation of FATF standards in relation to Virtual Assets and Virtual Asset Service Providers. The session highlighted strategies to accelerate the adoption of FATF Recommendation 15, with experts from EAG and APG regions exploring a range of issues including: ▶️ Revolutionising financial services through cutting-edge technologies, including innovative payment solutions and CBDC design  ▶️ Encouraging financial inclusion, including how innovative digital solutions can bridge gaps in access to financial services, empowering underserved communities ▶️ Tackling AML risks in the rapidly growing Fintech sector, focusing on the need for regulatory adaptability and resilience ▶️ Strategies for ensuring financial integrity while leveraging emerging technologies to drive innovation and compliance   #FATF #APG #EAG #CFT #AML #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

FATF’s key strength lies in its Global Network. In November, we continued working with the FATF-Style Regional Bodies (FSRBs) to strengthen the Financial Action Task Force (FATF) Global Network. The Executive Secretary, Violaine Clerc, and I participated in the Committee of Ministers Meeting of the Council of Europe (CoE) to support the actions and program of MONEYVAL, a key partner in FATF’s Global Network. Later, we traveled to Riyadh to participate in the Middleeast and North Africa Financial Action Task Force (MENAFATF) meeting under the presidency of Yemen and hosted by the Kingdom of Saudi Arabia. Among other activities, we attended the “Conference on the Latest Developments in Anti-Money Laundering and Combating Financial Terrorism on the Occasion of 20 Years of MENAFATF Establishment,” where we emphasized that MENAFATF plays a pivotal role in the joint efforts to tackle illicit finance. We also participated in the 39th Plenary Meeting of MENAFATF, where we highlighted the excellent ongoing cooperation between MENAFATF and FATF. Finally, to close the activities in November, I am heading to Freetown, Sierra Leone, to participate in the 29th Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Ministerial Committee. We will continue supporting and joining forces, on equal standings, with the FSRBs. The only way to tackle money laundering, terrorist financing, and proliferation financing is by working together. Here are a few pictures from the CoE and MENAFAT, highlighting the following: - The current President Hani Wahab and Vice President Samya Abou Sharif , who will soon become the first female President of this body. - Women in MENAFATF. - The Governor of the Central Bank of the Sultanate of Oman. Their joint MENAFATF/FATF Mutual Evaluation Report was discussed this week in MENAFATF. - Joining Nicola Muccioli, Chair of MONEYVAL, in the presentation of their annual Report to the CoE.

Today, FATF President Elisa de Anda Madrazo addressed the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Ministerial Committee in Freetown, Sierra Leone, congratulating GIABA on completing its second round of mutual evaluations and discussing her presidential priorities around financial inclusion and increased collaboration with the Global Network. “To ensure that the FATF reflects the challenges and realities that many of you experience here in West Africa, I recently invited Senegal to be part of a new ‘Guest Initiative’ programme.” #GIABA #FATF #AML #CFT #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

«Le GIABA a montré un fort engagement dans la lutte contre le blanchiment d’argent, le financement du terrorisme et le financement de la prolifération, avec l’achèvement de son cycle d’évaluations mutuelles.» La présidente du #GAFI, Elisa de Anda Madrazo, s’adressera aux ministres lors d’une réunion du Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) à Freetown aujourd'hui. https://lnkd.in/eyUSrUT3 #GIABA #blanchiment #AML #CFT #financialinclusion #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

The G20 Leaders’ Summit concluded this week marking the end of a highly successful Brazilian Presidency of the G20. As a dual G20 and FATF member, Brazil spearheaded efforts to increase financial inclusion and recognised the importance of FATF’s leading global standards on cryptocurrencies and beneficial ownership transparency (both referenced as consensus documents in the Annex to the Leaders' Declaration). FATF looks forward to bringing together the 200+ countries in our Global Network to feed into South Africa’s G20 Presidency in 2025. Take the opportunity to input to the FATF’s ongoing public consultation on financial inclusion 👇 and watch this space for developments on work on cross-border payments. #FATF #AML #CFT #G20Brazil #G20Brasil #financialinclusion #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

"Under my FATF presidency, we will focus on the implementation of the FATF standards, mainly on asset recovery through the development of new guidance, beneficial ownership, and virtual assets which remain an area of opportunity and risk. I am very glad to note that MENAFATF’s priorities are aligned, and that you are actively pursuing these areas of work, for example through typology projects and establishment of the network MENA-ARIN." Today, FATF President Elisa de Anda Madrazo delivered the opening address at the 39th Plenary Meeting of MENA-FATF, marking its 20th anniversary. The President emphasised the critical importance of the MENA region’s efforts in combating money laundering and terrorist financing. #MENAFATF #FATF #AML #CFT #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

At yesterday’s #MENAFATF Conference on the latest developments in the field of combating money laundering, terrorist financing and proliferation financing, FATF Executive Secretary, Violaine Clerc, spoke about the importance of the FATF and FSRB secretariats in supporting their membership in technical work, including mutual evaluations, to ensure a safer world for everyone. #MENAFATF #FATF #AML #CFT #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

"We must act together to tackle illicit finance and ensure that we build an inclusive and responsive framework to support sustainable development and growth. This is a global imperative. "And the role that MENATF plays in this is pivotal; ensuring that the challenges, risks and methods used to combat ML and TF specific to this region are understood, and reflected in discussions at the FATF on how to build a more effective global framework."   FATF President Elisa de Anda Madrazo delivered the opening address at yesterday's MENAFATF 20th anniversary conference.    #MENAFATF #FATF #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney  

This week, the FATF President Elisa de Anda Madrazo and Executive Secretary Violaine Clerc join MENAFATF as it marks two decades of action in the region to protect people and financial systems.   By bringing countries together MENAFATF is helping to address key FATF recommendations and build stronger defences against financial crime.    Yesterday's 20th anniversary conference allowed important exchanges on developments in anti-money laundering, counter-terrorist financing and combating proliferation financing. Regional collaboration is vital to safeguarding economies and communities worldwide.    #MENAFATF #FATF #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney 

Last week the FATF and International Monetary Fund held a joint training session at the IMF premises in Washington DC with future assessors from the FATF Global Network. FATF's mutual evaluation process is crucial to determining whether countries are taking effective action against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The next cycle of assessments will place an even greater focus on effectiveness and on the major risks and context that are facing the country. Each assessment in the FATF's Global Network of over 200 countries and jurisdictions is conducted by a team of experts from different Global Network members. Prior to taking part in an assessment, these experts need to successfully complete an assessor training, where they learn more about the application of the FATF Standards and how to assess countries’ measures against technical compliance and effectiveness requirements. 40 individuals from 19 jurisdictions of the FATF Global Network attended the joint assessment training. Over five days, they learnt how to measure the effectiveness and technical compliance of countries’ actions to tackle illicit finance against the Methodology for the next round of mutual evaluations. For more information about the Methodology for the FATF's mutual evaluation process in the next round, see: https://lnkd.in/gz6bPsY7 #CFT #AML #Followthemoney #moneylaundering #terroristfinancing #proliferationfinancing