Financial Action Task Force (FATF)

A second successful law enforcement focused Standards Training Course was held last week at the FATF Training Institute in Busan, Korea. Judges, prosecutors, and law enforcement practitioners from 29 jurisdictions throughout the global network increased their knowledge of the AML/CFT/CPF Standards, including sharing operational examples to strengthen their national regimes. 👉 https://lnkd.in/gAPNYMaQ #AML #CFT #GlobalStandards

“I cannot stress enough the need for global cooperation and inputs from the entire Global Network. ESAAMLG’s strong expertise and understanding of terrorist financing risks is already and will continue to be critical to our work.” On the 25th Anniversary of Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), FATF President Elisa de Anda Madrazo addressed its Council of Ministers to acknowledge the important work of ESAAMLG in the region and the Global Network. She also highlighted the key priorities that will guide her FATF Presidency: -      Enhance transparency and inclusiveness of the Global Network, including by increasing the voice of the Global Network in the work of the FATF and strengthening strategic partnership. -      Deepen support for financial inclusion. -      Ensure a successful next round of assessments, which will be more risk-based, timely and focused on effectiveness,. Ms. De Anda Madrazo congratulated Kenya for the successful term presiding over the Council of Ministers and Task Force. She wished success to Ethiopia for their upcoming Presidency. The FATF looks forward to continuous engagement with ESAAMLG, to strengthen the Global Network and the joint response to money laundering, terrorism financing and proliferation financing.

Yesterday was the last day of the Task Force Plenary meeting of ESAAMLG, through which 21 countries in the Eastern and Southern African Region participate in the Global Network. FATF Executive Secretary Violaine Clerc, ESAAMLG Executive Secretary Fikile Zitha and outgoing ESAAMLG Chairperson Saitoti Maika discussed the continued collaboration and partnership between FATF and ESAAMLG.  FSRBs such as ESAAMLG are crucial to ensure a global implementation of effective measures to combat money laundering and terrorist financing. The unique partnership that is the Global Network of FATF, FSRBs and their respective members allows a mutual enrichment that is a strength of the FATF. The Global Network’s diversity, collaboration and unique partnership is key to our common success in tackling illicit finance. Today, Ministers from the ESAAMLG region are attending the meeting of the Council of Ministers, ESAAMLG’s decision-making body. FATF President Elisa de Anda Madrazo will address the Council of Ministers, which marks the ESAAMLG Silber Jubilee. For more about the FATF Global Network, see https://lnkd.in/eziD8AXd Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) #moneylaundering #terroristfinancing #AML/CFT #FollowtheMoney

FATF Executive Secretary Violaine Clerc highlighted the need for all FATF and FSRBs' members to join within the Global Network their forces, efforts and expertise, at the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) Task Force Plenary meeting today. “We need to build a united front, we need to support each other, we need to work together to deprive criminals of their source of funding and their ill-gotten gains. […] These amounts should not contribute to the well-being of criminals but to the well-being of populations in need: these amounts could give access to decent living conditions, healthcare starting with vaccines, education.” Find out more about the Global Network at https://lnkd.in/eziD8AXd #FATF #FollowTheMoney #moneylaundering #terroristfinancing Fikile Zitha Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)

Last week, FATF-Style Regional Body (FSRB) GAFILAT Plenary discussed the assessment of El Salvador’s measures to tackle money laundering and terrorist financing, the last GAFILAT only-led assessment of this round. Congratulations to GAFILAT for reaching this milestone! GAFILAT’s last mutual evaluation in this round will be the joint FATF-GAFILAT assessment of Argentina, later this year. Participants also heard an update on important FATF work, including the updated FATF Standards on transparency of beneficial ownership, work to strengthen the risk-based approach and support financial inclusion and new or ongoing FATF projects that GAFILAT members can participate in, including on cross-border payments and terrorist financing.   GAFILAT is one of nine FSRBs and brings together 18 countries in South and Central America, including countries that are also member of the FATF and who actively participated in this Plenary to share their FATF experience and expertise with the GAFILAT membership.   FATF President Elisa de Anda Madrazo, who was in Brazil to attend the G20 meeting, met with GAFILAT Heads of Delegation. Under her Presidency, the FATF has made it a priority to further strengthen cooperation and collaboration between FATF and the FSRBs. 

FATF President, Elisa de Anda Madrazo of Mexico, highlights FATF's inclusive approach at the G20 Finance Ministers and Central Bank Governors Meeting in Brazil. More Info➡https://bit.ly/3Aen0pG #Followthemoney #FATF

2️⃣1️⃣ countries in attendance of CFATF Focused FATF Standards Training Course in Trinidad and Tobago 🇹🇹 last week Last week, the EU AML/CFT Global Facility and the FATF Training Institute teamed up again, this time with the Caribbean Financial Action Task Force (CFATF) in Port of Spain, #TrinidadandTobago. For the third time in two years, the #EUGlobalFacility supported the Financial Action Task Force (FATF) Institute in delivering its flagship FATF Standards Training Course (STC) from 22 to 26 July 2024. This time, the event brought together 4️⃣3️⃣ selected representatives from 21 countries, aiming to bolster their capabilities in combating #moneylaundering, terrorist financing, and proliferation financing (ML/TF/PF). 💡 The FATF STC, an intermediate-level training programme, is specifically designed for #AMLCFT practitioners who already possess foundational knowledge of the FATF Standards. The course's objective is to enhance participants' understanding and implementation of effective AML/CFT measures within their respective countries. It achieves this through a combination of e-learning modules, insightful presentations, interactive group discussions, and engaging small group activities. A Week of Intensive Learning and Collaboration 🗣 “Since its inception in 2021, the updated FATF Standards Training Course has been delivered to over 1,200 government officials globally, significantly strengthening jurisdictions’ understanding of FATF requirements,” said Joël Godard, Head of the FATF Training Institute. “The successful execution of this training in Trinidad and Tobago marks a promising step towards enhancing regional cooperation and capability in fighting financial crimes.” The course provided a comprehensive overview of various critical topics, including risk assessment, domestic coordination, information sharing, beneficial ownership, financial intelligence, asset recovery, and prosecution. Delivered by seasoned trainers from the FATF Training Institute, the programme aimed to equip participants with the necessary tools and knowledge to improve their countries' AML/CFT frameworks. 🫱🏽🫲🏻🫱🏽🫲🏻 With the completion of this training, the EU Global Facility and FATF Training Institute are planning to replicate this collaborative effort in the future. This continued cooperation underscores a shared commitment to fostering robust and resilient financial systems worldwide, ensuring that countries are well-equipped to address and mitigate the risks associated with financial crimes. David Arnaud Alice European Commission Cecile Expertise France Avelon Dorothy Melissa Maleka Randall O'Brian Seldon Ronique Duranda Yara Stephanie Surbrina Natasha Yadley Hope Gerron Yanique Chelsea Dainelle Marsha Yolande Odale Jean Loxly Carolina Consuelo Rochelle

As the G20 gathers in Brazil this week, results from the FATF's latest Targeted Update Report show that there is still work to be done, including by some G20 countries, to implement the FATF Standards for Virtual Assets and Virtual Asset Service Providers. The report shows that while jurisdictions, including some with materially important VASP activities, have made progress in putting AML/CFT regulation in place, global implementation is still lagging. 75% of jurisdictions that have been assessed are still only partially or not compliant with the FATF’s requirements. The FATF calls on all countries to accelerate implementation and enforcement of the FATF’s Standards on VAs and VASPs, and mitigate criminal and terrorist misuse of VA and VASPs. Read more https://lnkd.in/df2wEb6J #AML #CFT #Followthemoney

Only a few more days to go to input on the guidance on National Risk Assessments (NRA) for Money Laundering. A National Risk Assessment (NRA) is a comprehensive process to identify, assess, and understand the risks of Money Laundering (ML) and Terrorist Financing (TF). It guides effective policymaking, resource allocation, and AML/CFT measures. We invite the private sector, civil society, and academia to share their insights by 22 July 2024, 18:00 CET. Access more details and the questionnaire: 🔗 https://lnkd.in/eYYz-AYE Help shape the FATF's updated NRA guidance by sharing your experiences and insights. #AML #CFT #FATF #FollowTheMoney

FATF jointly with CFATF held a training session in Port of Spain in Trinidad & Tobago with future assessors focusing on the region.   FATF's mutual evaluation process is crucial to determine 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.   Last week, 48 individuals from 27 jurisdictions of the CFATF region and the FATF Global Network attended the joint assessment training. During 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/dKq9wYrx #CFL #AML #Followthemoney