Marcus Pleyer speaks at Fourth G20 Finance Ministers and Central Bank Governors meeting, 13 October 2021

Publication details




Marcus Pleyer speaks at Fourth G20 Finance Ministers and Central Bank Governors meeting, 13 October 2021

Intervention by Dr Marcus Pleyer
FATF President

As delivered.

Thank you Chair, 

I’d like to touch quickly on three issues:

Firstly, the FATF continues to contribute to the Roadmap on Cross-Border Payments in various ways, especially on the AML aspects, not least by our guidance on digital identity.

Secondly, l want to highlight the FATF’s work on virtual assets. A recent review shows widespread challenges with implementing the so-called travel rule, which ensures that data is shared on who sends and receives a virtual asset.

Failure to implement the rule has real consequences, giving criminals and terrorists the green light to use virtual assets to launder illegal profits, knowing they’ll get away with it. So I urge G20 countries to implement the FATF Standards*, including the travel rule requirements, as soon as possible. Effective AML rules are also crucial to ensure proper oversight of global stablecoins.

Thirdly, I must raise the Pandora Papers and how they underscore the need for action - this is very important.

The FATF has long warned how anonymous shell companies and trusts can be abused for illicit purposes, and developed global standards to prevent this. The Pandora papers highlight what FATF assessments have shown for years – that the standards are not effectively implemented, and that the standards themselves need strengthening.

FATF members are working to reach agreement on how to improve the global standard. Many are calling for specific and stronger action. Many ministers agree, but it seems there is pushback from sections of some governments.

It is critical for the G20 to be ambitious, leading by example to stop criminals and the corrupt from getting away with illicit profits.

This will be on the agenda next week at the FATF Plenary. Please encourage your representatives to arrive with ambition and readiness to compromise, because we need to solve this problem, no one else will do it, and we need to solve it now!

Thank you

FATF Standards on beneficial ownership