Washington DC [US], April 19 (ANI): Ministers from across the globe have reiterated their commitment to tackling illicit finance through coordinated multilateral action under the Financial Action Task Force (FATF), agreeing to focus in particular efforts on the growing threat of fraud and strengthening an effective risk-based implementation of the FATF Standards, an official statement from FATF read.

At the biennial FATF Ministerial Meeting, held on the sidelines of the International Monetary Fund-World Bank Spring Meetings, Ministers highlighted the harm to societies fuelled by illicit finance. They said such activities undermine national and global security, weaken institutions, and hinder economic growth and sustainable development.

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Ministers noted that countries continue to face "heinous terrorist attacks" and persistent threats from global proliferation actors, stressing that countering money laundering, terrorist financing, and the proliferation financing of weapons of mass destruction remains an urgent global priority.

Addressing the growing scale of fraud, Ministers committed to using the full AML/CFT/CPF framework to tackle emerging threats. They pointed to risks linked to organised scam centres, misuse of legal entities, virtual assets, and evolving technologies such as artificial intelligence, a statement read.

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To improve efficiency, Ministers emphasised the importance of the risk-based approach, calling it the cornerstone of FATF Standards, and pledged to ensure better allocation of resources across public and private sectors.

FATF President Elisa de Anda Madrazo said, "When we mitigate risk intelligently, we protect people - not just systems. Tackling the biggest threats by applying a risk-based approach is the only way we can reduce the grave security threats we have discussed today."

The Ministerial Declaration also backed responsible financial innovation, noting that technological advancements can strengthen compliance and supervision. It welcomed revised standards on payment transparency aimed at improving the safety of cross-border transactions and supported ongoing work on digital payment systems and associated risks, a statement further read.

"Ministers committed to leading by example in the full, swift and effective implementation of the FATF Standards, and by submitting their countries to rigorous, consistent and risk-based peer assessments that drive tangible progress to ensure that crime does not pay," a statement added.

They also recognised the FATF's critical role in safeguarding the integrity of the international financial system and the value of collective expertise across the FATF Global Network through close partnerships with FATF-Style Regional Bodies, a statement further stated. (ANI)

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