United Nations Security Council, December 15, 2016
United Nations Headquarters, New York, 15 December 2016
FATF President Juan Manuel Vega-Serrano at
Financing is an essential component of proliferation.
Therefore, financial measures are one of the most effective tools to counter proliferation:
-- The FATF’s Role --
The Financial Action Task Force is the global standard-setting body for combating money laundering and the financing of terrorism and proliferation, with a total of 198 jurisdictions included in our global network.
The FATF was established in 1989 to combat money laundering associated with drug trafficking, but has expanded its role since then. In 2001 we developed effective tools to fight terrorist financing. From 2008, in response to the increased threat of proliferation, the FATF took up the task of combating proliferation financing. Since then we have analysed how proliferation networks use financing and adopted international standards to tackle it.
The FATF Standards set specific requirements to give effect to UN Security Council Resolutions, including targeted financial sanctions to counter proliferation and terrorism. The standards are enforced through rigorous peer-review and follow-up procedures, which have greatly increased the number of jurisdictions which comply with the requirements. This gives the Security Council more effective tools.
It is important to underline that the role of the FATF in countering proliferation goes beyond targeted financial sanctions:
As a conclusion, the FATF standards provide a comprehensive basis for national measures to combat the financing of proliferation by both state and non-state actors.
-- Challenges and Next Steps --
However we still face important challenges:
Mr Chairman, the financial measures which the FATF promotes are an important tool against proliferation. We stand ready to support further progress under the leadership of the Security Council.
FATF President Juan Manuel Vega-Serrano's remarks at Joint special meeting of UN Security Council Committees and the FATF, United Nations, New York, 12 December 2016