Documents

G20 support for FATF’s work on fighting money laundering and terrorist financing

Since 2009, the G20 has shown its commitment to FATF’s work in fighting money laundering and terrorist financing.   In particular, FATF’s efforts in identifying high-risk and non-cooperative jurisdictions have been reinforced by consistent calls from the G20 to continue this successful work.  The G20 has also called on the FATF to regularly update its public list on non-cooperative jurisdictions and jurisdictions with strategic deficiencies.

In the Final Communiqué of their meeting in Moscow on 19-20 July, G20 Finance Ministers and Central Bank Governors once again reinforced FATF’s work in combating money laundering and terrorist financing.   

The Communiqué encourages all countries to meet the FATF’s standards: the FATF Recommendations.  The FATF strengthened corruption-related measures in its 2012 FATF Recommendations in response to a call by G20 leaders. This has resulted in tighter requirements on customer due diligence, beneficial ownership, politically exposed persons, and the transparency of cross-border wire transfers, and the requirement for countries to take immediate steps to become party to and implement fully the United Nations Convention Against Corruption.

The issue of corruption remains a high priority during the Russian Presidency of the FATF.  In his objectives for 2013-2014 FATF President Vladimir Nechaev proposes a third meeting of anti-corruption experts of the G20, FATF and OECD in October 2013 in Paris.   The second meeting of anti-corruption experts was held in October 2012 in collaboration with the G20 Anti-Corruption Working Group.