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Stepping Up the Fight Against Money Laundering: Key Takeaways from the FATF Meeting

A Report by CYS Global Remit Legal & Compliance Team 



At their recent meeting in Washington DC, FATF Ministers made big commitments to actively combat money laundering, terrorism financing, and the spread of weapons of mass destruction. 



Highlights from the Meeting: 


1. Successes Under Singapore’s Leadership:  


  • During the Singapore Presidency, led by FATF President T. Raja Kumar, there were significant achievements in recovering stolen assets and making the ownership of businesses more transparent. 

  • They improved rules for virtual assets to better prevent money laundering and terrorist financing. 


2. Key Statements


  • T. Raja Kumar emphasized the importance of taking away criminals' ill-gotten gains to curb financial crimes. 

  • Despite progress, there are still challenges, and Ministers are committed to quickly implementing strategies to better tackle these issues. 


3. Ministerial Commitments


  • Supervision and Prevention: There’s a strong focus on improving oversight and preventive measures. 


  • Transparency in Ownership: Ensuring that the true owners of businesses are known and accessible. 


  • Law Enforcement: Enhancing efforts to investigate and prosecute money laundering cases and to confiscate criminal proceeds. 

4. Response to Terrorism:  


  • The FATF will continue to prioritize efforts to stop the financing of terrorism by encouraging countries to work more closely together. 


5. Combating WMD Proliferation:  


  • There’s a particular focus on stopping the funding and spread of weapons of mass destruction, with measures for countries and businesses to follow. 


6. Global Cooperation


  • The Ministers recognized the importance of working together globally, through the Global Network, which includes over 200 jurisdictions. 

  • They plan to strengthen these partnerships and provide long-term support to ensure everyone follows the same rules. 


7. Financial Support for FATF


  • Ministers committed to increasing funding for FATF so it can continue its important work efficiently. 

  • They also pledged to help countries use these standards effectively and keep up with advances in finance and technology. 



Conclusion 

In summary, FATF Ministers are doubling down on their efforts to fight financial crimes and to make sure all countries effectively implement the rules. Through cooperation, better transparency, and increased funding, they aim to protect the global financial system and maintain peace and security.


Stay tuned for more updates from CYS Global Remit as these initiatives roll out! 

 



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