As FATF President T Raja Kumar joins the G20 at its summit tomorrow in Bali under the Presidency of Indonesia his 3 key messages are on crypto regulation, transparency of beneficial ownership and seizing dirty cash. As far as taking action on illicit funds is concerned, he states that:
“Under Singapore’s presidency, the FATF also focuses on supporting national authorities to ramp up the seizure and return of stolen assets. In a joint drive to reinforce and mobilise the international community, the FATF is working closely with INTERPOL and other partners to promote national policies that prioritise asset recovery. This includes enhancing global cooperation and strengthening law enforcement and judicial networks to share information and evidence quickly.
The G20 can lead in this area by promoting policies that prioritise asset recovery and ensuring law enforcement and other agencies have the capabilities and training necessary to ‘follow the money’ that fuels crime and terrorism.
There is clearly much work to do. Every dollar of criminal proceeds that is not seized can fuel more crime and destroy the lives of victims.
The G20 can achieve progress towards a more equitable world, but only if it addresses the structural weaknesses in financial systems. Together we can remove the incentives that drive criminal activity and clean up the global financial system.”
See: HERE for the full remarks. For more on the FATF INTERPOL MEETING see HERE:
The FATF President also sated that, “Since the FATF’s creation in 1989, its members, including G20 members, have worked to tackle illicit finance, to help ensure financial and economic stability and promote inclusive growth. There has been progress. Newspaper headlines daily feature stories of successful money laundering convictions. But FATF reports reveal a blunt truth: too few countries are taking effective actions. Less than one percent of global illicit financial flows are seized or confiscated. This is partly because many countries take a tick-box approach, rather than prioritising tangible and impactful results. This means they remain as vessels and hubs for money laundering.”
The G20 represents more than 80% of Global GDP, 75% of International trade & 60% of the worlds population. FATF Member countries represent more of course exceeding 90% of the worlds GDP.
With this in mind Financial Crime News has published a brief FATF Member Countries Dashboard (plus Indonesia and UAE), to summarise some key KPI/KRIs collected from the most recently available data. this data supports the FATF Presidents’ call that more is needed on asset recovery.
For a PDF version of this Dashboard click FATF Members 2022 Dashboard Pbd. The figures contained in this dashboard are from published figures but they that range over quite a time, so ideally countries would provide information annually and to common standards. This is lacking currently. Absent that the dashboard provides still some insight.
Published: November 15th 2020
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