{"id":382,"date":"2023-05-05T14:44:20","date_gmt":"2023-05-05T12:44:20","guid":{"rendered":"https:\/\/italiarapparigi.esteri.it\/?page_id=382"},"modified":"2025-01-30T15:35:38","modified_gmt":"2025-01-30T14:35:38","slug":"the-financial-action-task-force-fatf","status":"publish","type":"page","link":"https:\/\/italiarapparigi.esteri.it\/en\/litalia-e-le-ooii\/altre-organizzazioni\/the-financial-action-task-force-fatf\/","title":{"rendered":"FATF (The Financial Action Task Force)"},"content":{"rendered":"

The Financial Action Task Force (FATF) is an intergovernmental body, established in 1989 at the G7 in Paris, which aims to defend the financial system and the economy in general from threats posed by money laundering, terrorist financing and the proliferation of weapons of mass destruction.<\/span><\/span> The FATF Secretariat is hosted by the OECD while the presidency, with a two-year term, is assigned to senior officials chosen by the member states.<\/span><\/span> The Executive Secretary, from 1 June 2022, is the French Violaine Clerc who took over from the English David Lewis.<\/span><\/span> From 1 July 2024 the presidency is entrusted to Mexico in the person of Elisa de Anda Madrazo (with a mandate until 30 June 2026) who took over from T. Raja Kumar, Senior Advisor at the Ministry of Home Affairs of Singapore.<\/span><\/span> Elisa de Anda Madrazo has over a decade of experience in leadership positions in the area of \u200b\u200banti-money laundering (AML) and countering the financing of terrorism (CFT).<\/span><\/span> She has been extensively involved in substantive work within the FATF and has held most of the leadership positions, giving her a deep understanding of the Organization.<\/span><\/span> Until June 2023, she served for three years as Vice-President.<\/span><\/span> Previously, she served as Head of the Mexican Delegation and co-led Mexico\u2019s efforts for its mutual evaluation in 2016-2017.<\/span><\/span> She also served as Co-Chair of the Global Network and Co-ordination Group, which oversees collaboration with and within the nine FATF-style regional bodies, as well as with FATF observers.<\/span><\/span> Additionally, she served as a member of the Steering Group and chaired the Contact Group on Malaysia\u2019s Membership Process.<\/span><\/span> Ms. De Anda is currently the Director General at the Ministry of Finance and Public Credit of Mexico, having joined the Ministry in 2015. During her time in that Administration, she served as a Senior Advisor to two Ministers of Finance, which allowed her to be continuously involved in high-level engagements and topics.<\/span><\/span> She also served in the Financial Intelligence Unit, including as Head Attach\u00e9 at the Mexican Embassy in Washington, D.C. In her current role, the new Chair supports the advancement and development of AML\/CFT policies and promotes collaboration among AML authorities in Mexico.<\/span><\/span> Prior to joining the Mexican Government, she worked in the private sector as an associate at a law firm for over six years.<\/span><\/span> She earned a law degree from the Universidad Iberoamericana in Mexico City and a Master of Laws from Harvard Law School and a Master of Public Administration from the Harvard Kennedy School of Government.<\/span><\/span> The Vice-Chair of the FATF, appointed by the Plenary Assembly from among its members, is Canadian Jeremy Weil.<\/span><\/span> Weil assumed this role on 1 July 2023 and currently serves as Senior Director for International Financial Crime Policy and Sanctions in the Department of Finance Canada.<\/span><\/span> He is also the Chair of the IMF AML\/CFT Thematic Funds Steering Committee, which supports AML\/CFT capacity building globally.<\/span><\/span> Within the FATF and across the global network, Jeremy Weil has served as Head of the Canadian Delegation to the FATF since 2022 and has also been responsible for implementing Canada\u2019s priorities as Co-Chair of the Asia-Pacific Group on Money Laundering.<\/span><\/span> The Vice-Chair assists the Chair in carrying out his responsibilities and deputises for him when necessary.<\/span><\/span> The body, whose mandate was renewed for an indefinite period by the competent Ministers of the Member States in 2019, aims to: <\/span><\/span><\/span><\/p>\n

\u2022 create legal instruments that can concretely combat the criminal use of the financial system and to this end it prepared, in 1990, 40 Recommendations, to which are added 9 Special Recommendations, revised in 2012 (so-called new 40 Recommendations) and constantly updated.<\/span><\/span> These recommendations, recognized and ratified not only by the Member States (currently 37 plus 2 Regional Bodies) but also by numerous international bodies, constitute a corpus of reference for national legislation.<\/span><\/span> <\/span><\/p>\n

\u2022 monitor, through a process of mutual evaluation, the implementation of the (regulatory and organizational) anti-money laundering and counter-terrorism financing safeguards and verify their effectiveness in the adhering jurisdictions.<\/span><\/span>
\n<\/span><\/span><\/span><\/p>\n

The FATF meets in plenary assembly ordinarily three times a year, of which two (usually in February and October) in Paris, where the Secretariat that supports its activity is also located;<\/span><\/span> once a year (usually in June) a meeting is held in the country that holds the rotating presidency.<\/span><\/span> In exercising its functions, the Body collaborates with regional groups, set up on the FATF model (so-called FATF Style Regional Bodies or FSRBs) – APG (Asia\/Pacific), CFATF (Caribbean), EAG (Euro-Asia), ESAAMLG (Eastern and Southern Africa), GAFILAT (Latin America), GABAC (Central Africa), GIABA (West Africa), MenaFATF (Middle East and North Africa), MONEYVAL (Council of Europe) and with numerous observers.<\/span><\/span> The Plenary, the sole decision-making body of the Group, has the power to establish thematic working groups to support the activity of the Body.<\/span><\/span> The following currently operate: <\/span><\/span><\/span><\/p>\n

\u2022 \u201cEvaluation and Compliance Group – ECG\u201d, which deals with the interpretation of the criteria set out in the recommendations and the peer review process;<\/span><\/span> <\/span><\/p>\n

\u2022 \u201cGlobal Network Coordination Group – GNCG\u201d, which deals with the coordination with the FSRBs and International Organizations for the effective implementation of the Recommendations;<\/span><\/span> <\/span><\/p>\n

\u2022 \u201cInternational Co-operation Review Group – ICRG\u201d, which deals with the development of international cooperation with risk jurisdictions (which constitute a threat to the global financial system due to the risk of money laundering, terrorist financing and proliferation associated with them);<\/span><\/span> <\/span><\/p>\n

\u2022 \u201cPolicy Development Group – PDG\u201d, which deals with defining guidelines on money laundering and terrorist financing;<\/span><\/span> <\/span><\/p>\n

\u2022 \u201cRisks, Trends and Methods Group – RTMG\u201d, which deals with new types of money laundering and\/or terrorist financing.<\/span><\/span> <\/span><\/p>\n

The Mexican Presidency set out the priorities of its mandate, committing to continue and strengthen the FATF\u2019s efforts to counter financial flows that fuel crime and terrorism and disrupt our security, economic stability and sustainable growth.<\/span><\/span> Under the aforementioned Presidency, the FATF\u2019s work on governance, standards and stakeholder engagement will be guided by the principles of inclusiveness, diversity and transparency.<\/span><\/span> The Presidency will also prioritize the following work to support the strategic priorities for 2024-2026 as agreed by FATF Ministers in April 2024: <\/span><\/span><\/span><\/p>\n

\u2022 Promote risk-based implementation of standards according to the principle of proportionality, especially those that can help promote financial inclusion.<\/span><\/span> This is particularly important as limited access to formal financial services leads to greater reliance on cash and unregulated channels, increasing the risks of money laundering and terrorist financing;<\/span><\/span> \u2022 Ensure a successful start to the new assessment cycle.<\/span><\/span> This will be a significantly shorter cycle with greater emphasis on key risks and country context and a focus on effectiveness;<\/span><\/span> <\/span><\/p>\n

\u2022 Strengthen cohesion within the Global Network by continuing to promote transparency and inclusiveness;<\/span><\/span> <\/span><\/p>\n

\u2022 Support the effective implementation of the revised FATF standards with a focus on the recently strengthened standards on asset recovery, beneficial ownership and virtual assets;<\/span><\/span> <\/span><\/p>\n

\u2022 Continue efforts to increase and update understanding of terrorist financing and proliferation risks to prevent and combat these activities.<\/span><\/span> <\/span><\/p>\n

The Presidency also commits to enhance FATF communication and engagement with stakeholders and to work collaboratively with all members, associate members and partners, and to reflect the diverse perspectives and realities within the global community.<\/span><\/span> The FATF Global Network endorsed and welcomed these priorities at its June 2024 Plenary<\/span><\/span>
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