As published on regulationasia.com, Wednesday 17th April, 2019.
The new open-ended mandate recognises FATF’s leadership role and strengthens its capacity to respond to threats facing the financial system.
FATF (Financial Action Task Force) ministers have agreed to give the inter-governmental body a permanent, open-ended mandate in its role leading global action to counter money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
Members of FATF include representatives from 36 countries and two multinational bodies. So far 205 jurisdictions have committed to implementing its core AML/CFT standards and agreed to be evaluated by their peers.
The new open-ended mandate recognises the need for FATF to continue to lead decisive, coordinated and effective global action to counter the threats of the abuse of the financial system by criminals and terrorists, and strengthens its capacity to respond to these threats.
Among other things, the mandate states:
FATF members also agreed to greater ministerial engagement and support for FATF through regular and more frequent ministerial-level meetings (every two years), extend the term of the FATF Presidency, and to adopt a new funding model for the organisation.