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01/12/20 14:55 PM IST

Effective information sharing crucial - FATF

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An annual FATF joint experts’ meet was attended by participants from various government agencies all over the world and international bodies such as the United Nations, the International Monetary Fund, the World Bank and Interpol.

Highlights
  • The FATF attaches great importance to effective information sharing, which is one of the cornerstones of a well-functioning AML/CFT [Anti-Money Laundering/Combating the Financing of Terrorism] framework.
Terror Funding 
  • Participants noted the important role of export companies, refiners, logistics and other non-traditional sectors in detecting anomalies and illicit financial flows from these crimes.
  • The experts presented the international legal framework on preventing access of terrorists to arms and provisions covering illegal arms trafficking.
  • Participants also focused on the linkages between illicit arms trafficking and terrorist financing and the need for national risk assessments to address these risks
  • Experiences of using advanced analytics, such as text mining, privacy preserving technology, online analytical processing and social network analysis in the fight against money laundering and terrorist financing, were also shared.
The Financial Action Task Force (FATF)
  • The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
  • The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.
  • As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
  • With more than 200 countries and jurisdictions committed to implementing them.  
  • The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism.
  • They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. 
  • The FATF also works to stop funding for weapons of mass destruction.
Source: The Hindu

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