Fortifying the fight against illicit finance
With trillions flowing through the illicit economy, financial crime is a pervasive
threat to global stability. International cooperation, technological innovation and inclusion can ensure that financial systems serve people, not criminals
T he global illicit economy, worth trillions of dollars, is neither a distant nor remote problem. It fuels violence, drug addiction and corruption. It distorts markets and impedes sustainable development by robbing governments of the resources needed for vital services such as health, education and infrastructure. Addressing these issues requires buy-in on a global scale. This is where the Financial Action Task Force comes in. Together with our Global Network – composed of more than 200 jurisdictions and nine FATF-Style Regional Bodies – we close loopholes, broaden access to the financial system and ensure that crime does not pay. The FATF is ahead of the curve. Although technological shifts present new challenges for the private and public sectors alike, they also mark new opportunities in the fight against financial crime – from advancing financial inclusion to enhancing
Elisa de Anda Madrazo, president, Financial Action Task Force
cross-border cooperation and building more secure systems throughout the world. In line with the G20 initiative to make cross-border payments faster, cheaper, more transparent and more inclusive, the FATF recently strengthened international requirements on the transparency of cross-border payments, to make these safer and more secure. With cross-border volumes expected to exceed $250 trillion by 2027, greater clarity on who is sending and receiving funds from abroad is critical to preventing fraud and abuse. HARNESSING TECHNOLOGY, REINFORCING GLOBAL DEFENCES The FATF encourages new technological developments to help countries and the private sector keep pace in preventing and tackling crime, tracking illegal transactions, sharing intelligence and information, and reconciling data privacy. This includes working with
134 // G20 SOUTH AFRICA: THE JOHANNESBURG SUMMIT 2025
Made with FlippingBook - PDF hosting