Importance of FATF highlighted during first G20 Anti-Corruption Ministerial

Importance of FATF highlighted during first G20 Anti-Corruption Ministerial

The G20 members have called for the ‘effective implementation’ of the Financial Action Task Force (FATF) standards during the first G20 Anti-Corruption Ministerial. The FATF recommendations have been elaborated to help address financial crime. The FATF President, Dr Marcus Pleyer, highlighted that efforts to stop money laundering must be maintained during the coronavirus (COVID-19) crisis as ‘money is flowing out of economies at precisely the time health services need it most’. In order to tackle corruption and lead the way, FATF has elaborated three actions that should be undertaken by G20 members: investing in law enforcement, making available beneficial ownership information, and increasing oversight of the non-financial sectors. Dr Pleyer also mentioned that by tackling money laundering, corruption will also be countered.

The FATF President’s remarks can be found here and the G20 Anti-Corruption Ministerial press release here.

The report on best practices on beneficial ownership for legal persons can also be read in full length here and the report on the use of the FATF recommendations to combat corruption here.

Source: G20 recognises the role of the FATF in the fight against corruption

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