During thier biennial meeting in in Washington, DC ministers of the Financial Action Task Force (FATF) reaffirmed their commitment to combat financial crime, and fully support the FATF as the standard-setter for preventing and combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF).
Members recognised the achievements of the Singapore Presidency under FATF President T. Raja Kumar. These included major steps taken to enhance the FATF Standards on asset recovery - improving jurisdictions’ toolkits to recover the proceeds of crime, and also to reinforce the international framework for the transparency of beneficial ownership of legal arrangements, in addition to legal persons.
FATF Ministers also recognised that the FATF has led global efforts to effectively implement standards to regulate virtual assets and virtual assets service providers for AML/CFT/CPF.
“Depriving criminals of their ill-gotten gains is crucial to fighting the scourge of money laundering and financial crime,” said FATF President T. Raja Kumar, speaking at the meeting.
Ministers highlighted the threat posed by the proliferation of weapons of mass destruction (WMD) to international peace and security.
Noting the FATF’s reinforcement of the global response to this threat by adopting measures to help countries and the private sector to identify and assess risks of any breach, they encouraged all jurisdictions to implement these measures to prevent WMD proliferators from raising and moving funds.
The Ministers' 18 April Declaration outlines commitments and initiatives in the areas of anti-money laundering (AML), countering the financing of terrorism (CFT), and the proliferation financing (CPF). Key points from the declaration include:
Reaffirmation of Commitment: The ministers emphasize their strong support for the FATF as the global standard-setter in combating money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction.
Membership and Cooperation: The document welcomes Indonesia as the 40th member of FATF and underscores the importance of united global action and cooperation among the FATF’s extensive network of over 200 jurisdictions.
Funding and Resources: It highlights a commitment to increasing core funding for the FATF to sustain its operations and continue welcoming voluntary contributions from members to support strategic priorities.
Suspension of Russia: The declaration recalls the February 2023 FATF public statement about the suspension of Russia due to its actions in Ukraine, which are in contradiction to the FATF’s principles.
Strategic Initiatives and Assessments: The FATF has made strides under the Singapore Presidency, enhancing standards on asset recovery and the transparency of beneficial ownership, as well as addressing the regulation of virtual assets and risks related to ransomware and misuse of crowdfunding platforms.
Future Focus: The declaration sets out future priorities, including increasing the frequency and focusing on the effectiveness of FATF assessments, and continuing efforts against the financing of terrorism and the proliferation of weapons of mass destruction.
Implementation and Compliance: There is a strong call for jurisdictions to enhance the implementation of FATF standards and improve the effectiveness of their anti-money laundering and anti-terror financing measures.
Engagement with Strategic Partners: It commits to continued engagement with international bodies and strategic partners to support the implementation of FATF standards and address new and emerging risks in financial systems globally.
FATF Ministers will meet next in April 2026.
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