In their biennial meeting held at Washington D.C., Financial Action Task Force (FATF) ministers have pledged to promptly execute measures to make AML/CFT procedures more effective, to mitigate technical compliance deficiencies, and to enhance the global implementation of FATF standards during the next two years.
The ministers’ commitment includes implementing the FATF’s global beneficial ownership rules to improve transparency and prevent criminals from concealing their proceeds behind corporate structures. The FATF will also enhance its capabilities to recover criminal assets and return these to the victims of financial crime.
The ministers also pledged to strengthen the FATF Global Network, bring sustainable funding to the FATF, and employ digital technologies to improve AML/CFT measures.
Source: FATF