// SOLIDARITY THROUGH SECURITY
“Although technological
shifts present new challenges for the private and public sectors alike, they also mark new opportunities in the fight against financial crime”
to ensure counter-illicit finance requirements are clear, efficient and reasonable. This includes addressing under-implementation but also over-compliance. We recently released guidance to improve efficiency for industry while advancing financial inclusion. For the 1.4 billion people who remain unbanked today, gaining access to safe and trustworthy systems is the first step towards broader opportunity. This reduces the size of the unregulated ecosystem, making it harder for criminals and terrorist to hide. By encouraging simplified measures in low-risk situations, the changes will empower more members of unserved and underserved groups to access and use the regulated financial system with fewer unnecessary barriers.
provided elements for law enforcement agencies to strengthen their toolkit. Combatting illicit finance is a global challenge, and it requires a global solution. Through our peer evaluation process, we ensure effective implementation of all of these defences. The goal is to help jurisdictions in identifying their strengths and weaknesses and to support them in effectively implementing proportionate and risk-based measures and developing adequate tools to combat illicit finance. We are only as strong as our weakest link, which is why we have launched a project to assist low-capacity countries in addressing the challenges they face in implementing anti-money laundering and combatting terrorism financing standards. The world is changing rapidly. As criminals and terrorists sprint to exploit emerging vulnerabilities in the global financial system, only through collective action can we outpace criminal networks and safeguard global prosperity.
the private sector to scan the horizon to proactively mitigate emerging fraud trends, while supporting the development of cost-efficient tools. We are also supporting all countries, in particular those with materially important virtual assets sectors, in implementing adequate monitoring frameworks. The FATF’s approach is grounded in addressing risks to be effective. We work with the private sector and industry
COLLECTIVE ACTION TO BUILD RESILIENCE
As the world’s illicit finance watchdog, we have raised the alarm about recent terrorist financing risks as well as complex proliferation financing and sanctions evasions schemes. We have
With growth slowing and families struggling to make ends meet, it is an appalling injustice when money ends up in the hands of criminals – money that could be spent on much-needed global growth and development” // ELISA DE ANDA MADRAZO Elisa de Anda Madrazo began her two-year term as president of the Financial Action Task Force in July 2024. She was previously vice-president for three years and was also co-chair of the Global Network and Coordination Group. She currently serves as director general in Mexico’s Ministry of Finance and Public Credit. She also served in the ministry’s Financial Intelligence Unit, including as head attaché to the Mexican embassy in Washington DC.
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135 globalgovernanceproject.org
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