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AML & Financial Crime

AML & Financial Crime

Combatting Illicit Finance In The Digital Age: Prioritising Asset Recovery And Cybersecurity To Protect Societies And Economies

T. Raja Kumar
Financial Action Task Force (FATF)

In a highly interconnected and digital world, the threat of illicit finance poses a significant challenge to the financial integrity of the global financial system and global security. The Financial Action Task Force (FATF), an intergovernmental body dedicated to combatting money laundering, terrorist financing, and proliferation financing, advocates the urgency of driving greater global focus and actions to address this complex issue.

The FATF has set global standards, through the FATF Recommendations, that provide countries with robust tools to tackle the illicit financial flows that fuel crime and terrorism, and continuously refines and strengthens them to address evolving risks. Over the years, the work and mandate of the FATF have evolved in line with new and emerging threats, but always having as its compass the core objective of preventing criminals, the corrupt, and terrorists, from abusing the international financial system, as strengthening the financial integrity of the global financial system is fundamental to supporting stability and promoting inclusive growth.

This year, the FATF has made important progress in helping countries increase the effectiveness of their measures, including through vital work to help prevent the misuse of shell companies to hide criminal activities and proceeds, and more robust tools that will help countries trace and recover the proceeds of crime more quickly and effectively.…