The G20 Finance Ministers and Central Bank Governors have reiterated support for the work of the Financial Action Task Force (FATF) in combatting money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction.
This according to a Chair’s Summary of the meeting of the G20 Presidency held in Cape Town this week.
The meeting took place on 26 and 27 February.
“[Members] reiterated the importance of stepping up global efforts to effectively implement the FATF’s revised Standards on the transparency of beneficial ownership of legal persons and arrangements, as well as on asset recovery and international cooperation, to prevent criminals from hiding the proceeds of crime and to facilitate the return of these illicit financial flows and illicit proceeds.
“[The members also] supported ongoing work to revise the FATF’s Standards on payment transparency as well as the implementation of its standards on virtual assets. [Members] welcomed the FATF’s commitment to ensure financial integrity without compromising financial inclusion, by promoting risk-based implementation of the FATF Standards. [They also] supported the FATF’s ongoing work to support low-capacity countries in the implementation of AML/CFT/CPF [Anti-Money Laundering/Combating the Financing of Terrorism/Countering Proliferation Financing] Standards,” Thursday’s summary said.
The FATF is the international standard-setting body that oversees global compliance with anti-money laundering rules.
On global financial inclusion, the meeting noted progress made but reiterated the need to “swiftly integrate the remaining 1.5 billion unbanked individuals into the formal financial sector”.
“Focusing on SDG [Sustainable Development Goals] target populations remains an important objective, despite the progress made in financial inclusion.
“[Members] acknowledged the need to intensify efforts to expand the effective usage of financial services and products, particularly in developing countries. The Global Partnership for Financial Inclusion will discuss a comprehensive diagnostic study, including policy recommendations on “Moving from Access to Usage” of financial services and products.
“[Members also] supported implementing the G20’s 2023 Financial Inclusion Action Plan and ongoing efforts to lower remittance costs,” the summary stated. – SAnews.gov.za
