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FATF Releases Guidance to Enhance Anti-Money Laundering and Combating Financing of Terrorism Efforts

Washington D.C., March 2021 - The Financial Action Task Force (FATF) has released several guidance documents aimed at strengthening global efforts to combat money laundering, terrorist financing, and proliferation financing.

Strengthening Global Efforts

The guidance is designed to assist supervisors in improving the effectiveness of their essential role in helping regulated entities increase their awareness and understanding of ML/TF/PF risks. It also provides recommendations for countries and private sectors on how to assess and mitigate proliferation financing risk.

Digital Identity Guidance

Additionally, FATF has released a report on digital identity, which provides guidance on determining whether a digital ID is appropriate for use for customer due diligence. Reliable digital IDs can make it easier, cheaper, and more secure to identify individuals in the financial sector and help with transaction monitoring requirements.

Flagging Money Laundering and Terrorism Funding Trends

The Risk, Trends, and Methods Working Group (RTMG) has also flagged and analyzed money laundering and terrorism funding trends, as well as any threats that could undermine global finance.

FATF Typologies and Guidance Products

FATF’s typologies and guidance products are essential tools for governments and the private sector to understand emerging illicit finance trends and adapt their AML/CF/P regimes accordingly. Recent publications include reports on countering ransomware financing, ethnically or racially motivated violent extremism, trade-based money laundering, and COVID-19-related money laundering and terrorist financing risks.

U.S. Department of the Treasury’s Support

The U.S. Department of the Treasury has also released several press releases on FATF plenaries, highlighting the organization’s efforts to combat corruption, illegal fentanyl trafficking, and financial transparency.

“We are committed to working with our international partners to disrupt the financial networks of criminals and terrorists,” said Secretary of the Treasury Janet L. Yellen. “The guidance released by FATF today is an important step in that effort.”

Conclusion

These documents demonstrate FATF’s commitment to strengthening global efforts to combat money laundering, terrorist financing, and proliferation financing. The organization continues to play a critical role in promoting financial integrity and preventing illicit activities around the world.

Contact: [Name] U.S. Department of the Treasury [Email] [Phone]