PARIS, France: The Financial Action Task Force (FATF) concluded its third plenary under the Singaporean presidency, showcasing progress in combating corruption, proposing a revised non-profit standard for public consultation, and addressing challenges in implementing the FATF standard on virtual assets.
The FATF also explored potential revisions to its asset recovery standards, with further discussions scheduled later this year.
During the plenary, Secretary of the Treasury Janet L. Yellen praised the FATF for its continuous dedication to combating corruption and promoting financial services access for humanitarian organizations. Yellen emphasized the complementarity of the FATF’s work with the US Treasury’s efforts to expand humanitarian authorizations across its sanctions programs, as well as safeguarding the US financial system from abuse by corrupt and criminal entities. These efforts include enhancing transparency in corporate ownership and the US real estate sector.
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This plenary marked a significant event, as it was the first gathering since the FATF’s decision in February to suspend the Russian Federation’s membership. The suspension stemmed from Russia’s violation of the commitment to international cooperation and mutual respect, which all FATF members agreed to uphold while supporting the FATF Standards.
The FATF’s primary focus during the plenary was advancing the fight against corruption globally. To this end, they approved a revised non-profit standard for public consultation. This standard aims to enhance the effectiveness of anti-corruption measures in non-profit organizations while ensuring that unintended consequences are minimized. By seeking public feedback, the FATF demonstrates its commitment to inclusive and transparent decision-making processes.
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Additionally, the plenary highlighted the limited progress made in implementing the FATF standard on virtual assets. Recognizing the challenges associated with these emerging technologies, the FATF emphasized the need for stronger global implementation to effectively combat money laundering and terrorist financing risks in the virtual asset sector.
Furthermore, the FATF discussed potential revisions to its standards on asset recovery, a critical aspect of combating corruption. These discussions will continue later in the year, reflecting the FATF’s commitment to continuously improving its standards and adapting to evolving global challenges.
As the FATF continues its fight against corruption, its efforts are crucial in safeguarding financial systems, promoting transparency, and ensuring the effective functioning of non-profit organizations. Through ongoing collaboration and inclusive decision-making processes, the FATF aims to strengthen global measures against corruption and illicit financial activities, ultimately contributing to a more secure and transparent international financial landscape.
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