Financial Action Task Force (FATF)

THIS! 👇 PUBLIC CONSULTATION ON RECOMMENDATION 1 Last week, the Financial Action Task Force (FATF) agreed to release for public consultation revisions to the standards to support financial inclusion, namely Recommendation 1. See link below. The FATF is working to close the door to dirty money while keeping the door open for clean funds to flow through the regulated system. We know that some of the most vulnerable people in our society can often be the most badly impacted by the effects of dirty money. So it is vital that our work does not exacerbate inequalities. Does not drive people towards cash and unregulated channels, or deprive people of access to much needed funding. To this end we are opening up for consultation the changes we are considering and inviting views and comments on the proposal. Since our work must be informed by different voices and perspectives, we are looking forward to hearing from the widest range of stakeholders. https://lnkd.in/eqiW2pcR

The first FATF Plenary under the Presidency of Elisa de Anda Madrazo has concluded, outcomes include: ➡ Adoption of the assessments of the measures to combat money laundering, the financing of terrorism and the financing of proliferation in Argentina and Oman. These are the last two assessments of the current round of FATF evaluations. ➡ Updated statements identifying high-risk and other monitored jurisdictions, removing Senegal from increased monitoring following a successful on-site visit. ➡ Public consultations on proposed revisions to the standards related to FATF’s ongoing focus on financial inclusion. ➡ New guidance on national risk assessments to support countries to understand the illicit finance risks they face. And for the first time, two jurisdictions – Cayman Islands and Senegal – had a seat in the FATF Plenary and Working Groups as guest jurisdictions. Read outcomes at https://lnkd.in/eneMHPgn #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney

“Being inclusive isn’t a luxury, it’s a necessity if we are to achieve our goals and this is reflected in the way that financial inclusion is a cross-cutting theme across all FATF’s work.” While the FATF Plenary is underway in Paris, FATF Vice-President Jeremy Weil is at the meeting of the G20 Finance Ministers and Central Bank Governors in Washington to highlight how FATF’s work complements the G20 priorities, including on cross-border payments. #moneylaundering #terroristfinancing #proliferationfinancing #financialinclusion #FollowTheMoney

Taking part at this Plenary meeting, two former FATF Presidents, both of whom have played an instrumental role in shaping the global fight against financial crime during their respective terms: T Raja Kumar (2022-2024) and Santiago Otamendi (2017-2018). Their presence is a testament to the shared mission that defines the FATF family and the Global Network: the commitment to combat illicit finance and ensure a safer, more transparent financial system. #FollowTheMoney #moneylaundering #terroristfinancing #proliferationfinancing #GlobalNetwork

Day two of the FATF Plenary is underway, for the first time with a seat and a voice at the table for The Cayman Islands and Senegal. https://lnkd.in/eZdzag8n #moneylaundering #terroristfinancing #proliferationfinancing #Plenary #FollowTheMoney

The first day of the first FATF Plenary under the Mexican Presidency of Elisa de Anda Madrazo concluded, with delegates representing the Global Network of over 200 jurisdictions working through a full agenda. The FATF will publish a summary of the outcomes of the discussion of this three-day meeting on Friday, at the end of the Plenary. https://lnkd.in/eZdzag8n #moneylaundering #terroristfinancing #proliferationfinancing #Plenary #FATF

For the first time FATF Week welcomes two countries under a new Regional Bodies’ Guest Initiative, giving members of regional bodies without joint FATF members, a seat at the table. The Cayman Islands and Senegal will participate for one year, sharing valuable lessons and acting as lighthouses in their regions to promote the importance of fighting financial crime. This initiative is part of broader objective to strengthen cohesion in the Global network. Find out more about the Global Network at https://lnkd.in/eziD8AXd Caribbean Financial Action Task Force (CFATF) Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) #moneylaundering #terroristfinancing #proliferationfinancing #financialinclusion #plenary #senegal #caymanislands

The first Plenary under the Presidency of Elisa de Anda Madrazo will start tomorrow. Under its Mexican Presidency, the priorities of the FATF will focus on : ▶ Financial inclusion ▶ Ensure a successful start to the new round of assessments ▶ Strengthen cohesion with the Global Network ▶ Support effective implementation of the revised FATF Standards ▶ Increase and update understanding of terrorist financing and proliferation financing risks Find out more at https://lnkd.in/ekzVCkwU https://lnkd.in/esVA4p6i #moneylaundering #terroristfinancing #proliferationfinancing #Followthemoney

“Part of our job as policymakers is to find ways to make risk management compatible with what’s good for us all collectively. It’s about finding a balance between integrity and inclusion.” FATF President Elisa de Anda Madrazo talked to Alliance for Financial Inclusion (AFI) about why financial inclusion is pivotal to combating illicit finance. ➡ The full interview is available at https://lnkd.in/egRNmjnc At this week’s Plenary meeting, the promotion of financial inclusion is high on the agenda, with delegates expected to approve new guidance to help countries understand the money laundering risks they face, so that they can develop measures to effectively mitigate these risks.   ➡https://lnkd.in/eZdzag8n #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney #financialinclusion

This week, the FATF will discuss the assessments of the measures to tackle #moneylaundering and #terroristfinancing in Argentina and Oman. These are the last two assessments in the FATF's fourth cycle of assessments. This was the first cycle of assessments to not only focus on technical compliance with the FATF Recommendations, but also on the effectiveness of a country's AML/CFT framework. Find out more about the ratings achieved across the global network, and the actions that countries have taken to further strengthen their measures against illicit finance since their assessment. 🌍 https://lnkd.in/e9XZr2Fq #moneylaundering #terroristfinancing #proliferationfinancing #FollowTheMoney #MER #mutualevaluation #FUR #compliance