FATF President contributes to global standard-setting bodies' discussion on financial inclusion

 ‌‌‌‌‌‌‌‌On 2 October 2014, FATF President, Roger Wilkins AO, participated in the 3rd high-level meeting on financial inclusion and global standard-setting bodies,  at the joint invitation of H.M. Queen Máxima of the Netherlands in her capacity as the UN Secretary General’s Special Advocate for Inclusive Finance for Development and of Stefan Ingves, Chairman of the Basel Committee on Banking Supervision.

Seated: H.M. Queen Máxima of the Netherlands and Mr. Stefan Ingves (far right)
Standing: FATF Executive Secretary Rick MDonnell (far left) and FATF President Roger Wilkins AO (second from right) 
photo © Klaus Brodhage

Other participants included representatives from standard-setting bodies from the banking, insurance, and payment sectors. The FATF President reiterated the strong commitment of FATF to support financial inclusion goals and to mitigate the risks of financial exclusion  

The revised AML/CFT Recommendations will enable countries to tailor their AML/CFT regimes to the national circumstances and implement mitigation measures proportionate to the AML/CFT risks. This will enable countries to respond to the need to bring the financially excluded into the formal financial sector. Countries should integrate the mutually reinforcing goals of financial integrity and financial inclusion as part of their AML/CFT strategy.

Participants to the meeting agreed to enhance their exchanges of views and experiences on cross-cutting and emerging issues, such as the use of technology to facilitate financial access, and the collection of data to appreciate risks.

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