Strengthening the global shield against illicit finance
The next phase in the fight against financial crime requires strong public-private partnerships and the use of advanced technologies to strip criminals of their profits and redirect resources towards global development
$ 3 trillion estimated annual value of illicit finance all countries around the world have committed to implement the FATF standards to make the international financial system a defensive shield against criminals. security and safety by ensuring financial crime does not pay. Since its inception, the FATF has expanded to 40 members and works closely with the nine FATF-Style Regional Bodies. Together, we form the FATF Global Network, with more than 200 jurisdictions. Almost S ince the Financial Action Task Force was founded 35 years ago by the G7, our work has become more critical than ever. Our people and economies are plagued by both traditional and emerging threats that destroy lives and undermine peace and security. More than 8,000 lives were lost to terrorism around the world in 2023, underscoring the need to starve terrorists of their financing. Meanwhile, the synthetic opioid market generates tens of billions of dollars annually, and claims hundreds of thousands of lives. Conservative estimates suggest illicit finance is a $3 trillion business every year, with the most serious crimes – drug trafficking, human trafficking, migrant smuggling, frauds and scams – driven by profit. Because financial crimes cause immense harm, resulting in lives lost, families devastated and ecosystems damaged, we must cut off the money flows that fuel them. A GLOBAL SAFEGUARD AGAINST FINANCIAL CRIME The FATF is part of an ecosystem of international and regional organisations protecting the integrity of the financial system, and contributing to global
Elisa de Anda Madrazo, president, Financial Action Task Force
72 // G7 CANADA: THE KANANASKIS SUMMIT 2025
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