G20 recognises the role of the FATF in the fight against corruption

22 October 2020 – The G20 Anti-Corruption Ministerial today highlighted the importance of international anti-corruption standards, including the FATF Recommendations, in the global fight against corruption. In their communiqué, the G20 recognised the important role of these instruments in expanding the necessary international cooperation and coordination against corruption and related challenges.

While the COVID-19 pandemic is causing unprecedented social and economic impacts across the globe, corruption continues to pose a threat to economic growth, sustainable development and trust between governments and citizens. During his remarks at the G20 Anti-Corruption Ministerial, FATF President Dr. Marcus Pleyer stressed the importance of stopping money laundering to combat corruption. Corruption will continue as long as it remains profitable, he said. This is particularly important during the current global crisis, as money is flowing out of economies at precisely the time health services need it most, he added.

In their Call to Action on Corruption and COVID-19, G20 Members called for the effective implementation of the FATF Standards, particularly to tackle money laundering and to improve the transparency of the beneficial ownership of legal persons and arrangements.

G20 Members also committed to support and participate in the work of the FATF, including by increasing participation in existing fora where interagency cooperation is promoted. They pledged to take part, as appropriate, in the work of the FATF-Style Regional Bodies, including by providing experts to participate in mutual evaluations and follow-up processes.

 

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