Author: Nicola Sharp 7 December 2020
Nicola Sharp of Rahman Ravelli summarises the G20’s support for the Financial Action Task Force’s approach to tackling money laundering
G20 leaders have repeated their commitment to following anti-money laundering policy measures recommended by the Financial Action Task Force (FATF).
At a summit hosted in Riyadh by the Saudi presidency, the G20 leaders issued a declaration stating that they supported the Anti-Money Laundering (AML)/Counter-Terrorist Financing (CFT) policy responses detailed in FATF’s paper on COVID-19.
The declaration reaffirmed the G20’s support for FATF as the global standard-setting body for preventing and combating money laundering, terrorist financing and proliferation financing. It followed FATF reminding G20 leaders that the COVID-19 pandemic has led to criminals and corrupt politicians “misappropriating funds and misusing government contracts for personal gain.”
FATF has said the vast majority of countries are failing to implement the necessary measures.
The FATF has called for:
The renewed commitment to the FATF by G20 leaders is of the upmost importance. Establishing coherent global policies, such as those put forward by FATF, will be vital in working towards tackling money laundering. It will be interesting to see whether the pledge comes to any sort of fruition in the near future.
Nicola is known for her fraud, civil recovery and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.