G20-Germany-Hamburg-2017

Assuming responsibility
KEY TAKEAWAYS
The San Jose Principles of May 2017 set
the framework for FATF collaboration
Under the Argentine presidency FATF will
increase engagement with prosecutors
EFE/KAI FORSTERLING
Serious
crime and
terrorism
can be
combated
The Financial Action Task Force
is essential for the safety
and security of the global
financial system, writes
Santiago Otamendi
Over the last 27 years the Financial
Action Task Force (FATF) has
contributed to safety and security
and helped to protect the
integrity of the global financial
system. It does so by developing policy
recommendations, based on evidence from
member countries of how criminals launder
the proceeds of crime and how terrorists
raise and access funds. FATF, its regional
bodies, the International Monetary Fund
and the World Bank assess 198 jurisdictions
for effective implementation of the FATF
Recommendations. The published peer
reviews help countries to understand the
actions they need to take and help financial
institutions understand the risks they are
exposed to.
Combating terror financing
This is an ongoing process. Where there is
crime generating proceeds, there is very
likely to be money laundering. Similarly,
money launderers and terrorists continue to
find new ways to launder the proceeds of
crime and to raise and access funds. FATF’s
Standards must adapt accordingly. Terrorist
financing is the top priority for the FATF.
Indeed, it has made significant progress
Spanish Economy minister
Luis de Guindos and the
IMF’s managing director
Christine Lagarde
148 G20 Germany: The Hamburg Summit • July 2017 G7G20.com