The Financial Action Task Force Should Embrace the Opportunity to Reform

Posted on June 25, 2019
Archive : June 2019
Category : News

The Financial Action Task Force Should Embrace the Opportunity to Reform

The fight against financial crime is ponderous and politicised, lacking imagination and ambition.

Last week in Orlando, Florida, home of Tom, Jerry and friends, there was a celebration (with cake) marking 30 years of the Financial Action Task Force (FATF), global standard-setter on anti-money laundering and financial crime. For those present at the founding of the FATF in Paris in 1989, its longevity was far from assured. But other than recognising this tri-decennial landmark of endurance, what is there to celebrate when repeated – and ever-more egregious – scandals of kleptocracy, corruption, transnational organised crime and sanctions evasion are constantly revealed? For all the self-congratulation, the threat and impact of financial crime grows at pace and at scale; the response is ponderous, politicised and inflexible, lacking imagination and ambition.

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