G20 china_web

Regulating finance
Technological innovations can make
financial services more efficient
The G20 can provide leadership
for the global effort needed
BERNIE_PHOTO/ISTOCK IMAGES
Juan Manuel
Vega-Serrano
President
Financial Action
Task Force
institutions, lawyers, accountants and other
regulated sectors to identify the beneficial
owner of their customers. However, that is
only part of what is required.
Most countries have not fully
implemented the FATF Recommendations
to ensure the adequate, accurate and timely
availability of basic legal and beneficial
ownership information. The FATF’s peer
review process is already identifying
countries with inadequate measures
to prevent the abuse of corporate
vehicles. The FATF, with the
support of the G20, is working
to identify further ways to
strengthen implementation
of these measures globally.
Private sector insights
In recent years the FATF has
intensified its engagement with the
private sector, a primary entry point into
the international financial system. This
constructive and continued dialogue
enables the FATF to benefit from private
sector insights and ensures a partnership
is in place that protects the integrity of
the financial system.
Technology-based innovations are
radically changing the financial industry
198
Jurisdictions
committed to the
FATF framework
and some of the assumptions on which
the FATF standards are based. We need to
ensure that these innovations can realise
their potential to make financial services
more accessible and more efficient. At the
same time, we must ensure that emerging
financial technologies do not make life
easier for criminals and terrorists.
The FATF plans to develop a new
partnership with the financial technology
(FinTech) and regulatory technology
(RegTech) communities to
support innovation in financial
services, while maintaining
transparency and mitigating
the associated risks.
The FATF’s work is relevant
across the G20’s agenda – from
anti-corruption to countering
terrorist financing, to supporting
stable and efficient financial markets. The
FATF regularly updates the G20 on terrorist
financing risks and the progress countries
are making to mitigate these.
Through fully and effectively
implementing the FATF standards as soon
as possible and calling on other countries
to do the same, the G20 can provide real
leadership in the global effort to deprive
criminals and terrorists of their funds. G20
Juan Manuel Vega-Serrano became
President of the Financial Action
Task Force (FATF) on 1 July 2016.
He is the Director and CEO of
Servicio Ejecutivo de la Comisión
de Prevención del Blanqueo
de Capitales e Infracciones
Monetarias de España (SEPBLAC),
Spain’s Financial Intelligence
Unit and Anti-Money Laundering
and Countering Financing of
Terrorism (AML/CFT) Supervisory
Authority. In 2001 he became
Assistant Deputy Director General
of Spain’s Treasury and began
attending FATF meetings. In 2005,
he was appointed Secretary of the
Commission for the Prevention
of Money Laundering, where
he promoted a comprehensive
revision of Spain’s AML/CFT legal
framework.
@FATFNews
www.fatf-gafi.org
G7G20.com September 2016 • G20 China: The Hangzhou Summit 145