Public and private sector partnership in fighting financial crime

The FATF Secretariat participated in the Financial Crime Symposium hosted by the Law Society of England and Wales on 15 May 2012 in London, United Kingdom.

This event brought together over 100 policy makers, law enforcement officials, academics and members of the private sector to discuss current approaches to anti-money laundering / countering the financing of terrorism (AML/CFT) regulation, and what lies ahead following the recent adoption of the revised FATF standards.

Some of the key issues discussed were:

• the importance of the public and private sector partnership in combating money laundering and terrorist financing; how to implement the new FATF requirements effectively and best allocate resources consistent with a risk-based approach

• how feedback is a useful tool for ensuring that AML/CFT systems are functioning properly; and

• the next steps as countries work towards fully incorporating the new FATF Recommendations into their national legislation.

A this event, the FATF Secretariat gave an overview of the most important changes in the FATF Recommendations. Other presentations focused on the new requirements to enhance the transparency of wire transfers and beneficial ownership information. 

For more information, please see the website of the Law Society:  www.lawsociety.org.uk