Priorities for the financial action task Force under the Singapore presidency
#Singapore #FATF #AML #CTF
July 11, 2022
5 Minutes
English
The Singapore Presidency of the Financial Action Task Force (FATF) from 2022 to 2024 intends to enhance the efficiency of anti-money laundering and counter-terrorist financing (AML/CTF) programmes among all member nations and the Global Network as a whole. The objective is to bolster international efforts to enhance asset recovery and explore contemporary ML/TF challenges related with cyber-enabled transnational crimes such as online frauds and phishing.
In addition to collaborating with FATF members and the FATF Secretariat, the Singapore Presidency will lay the framework and prepare for the upcoming 5th cycle of mutual evaluations, which will be more frequent, targeted, and scrutinised, with an increased emphasis on critical risks and effectiveness. This is in addition to the FATF's primary responsibilities of identifying and evaluating money laundering and terrorism financing methods and trends, generating, and modifying the FATF Standards, and assessing and assisting nation assessments within the Global Network.
In recent years, not only has the scale but also the complexity and pervasiveness of global financial crime expanded across jurisdictions. However, as less than 1 percent of the worldwide proceeds of financial crime are 'intercepted' and recovered, the Singapore Presidency intends to help countries in increasing their asset recovery rate. To accomplish this, collaboration between the FATF, FSRBs, and Asset Recovery Networks will be strengthened. The FATF will evaluate the state of asset recovery networks and present a proposal for members to construct more strong and comprehensive systems. In addition, it will serve as a catalyst for considerable changes in national objectives, the formation of cooperative frameworks, and the implementation of best practises for recovering assets from cyber-enabled crimes, particularly in the fight against fraud, scams, and ransomware. By collaborating with the Global Network and other strategic partners, such as the United Nations, the International Monetary Fund, and INTERPOL, the level of collaboration with each will rise, and the emphasis on concrete reforms will be more likely to succeed.
Online fraud, scams, ransomware, and COVID-related phishing have dominated the cybercrime landscape since 2020. Numerous jurisdictions find it difficult to prevent or even contain these criminal enterprises, which usually utilise novel technologies and are frequently sophisticated. Under Singapore's Presidency, the FATF will launch a new initiative concentrating on money laundering and terrorist financing related to cyber-enabled fraud and scams. The FATF will endeavour to get a greater knowledge of the challenges, analyse the ML methodologies in use, identify appropriate tools such as data analytics and industry partnerships, and spotlight best practises to facilitate member learning.
Strengthening the effectiveness of AML/CFT measures isa primary goal of Singapore's Presidency. The FATF will maintain and complete its work plans in a timely manner, including ongoing efforts to analyse and ensure that the FATF Standards remain relevant and up to date, as well as setting the groundwork for the 5th round of mutual evaluations.
This includes:
• Assessing new ML/TF threats, implementing best practises and mitigating measures for virtual assets and their service providers, and ensuring that governments embrace FATF proposals in this fieldi n a timely and efficient manner.
• Presenting amendment ideas to the FATF recommendation on beneficial ownership data for trusts and other legal arrangements.
• Sharing and focusing on pertinent case studies to promote the use of data analytics by appropriate authorities to achieve successful AML/CFT results.
• In addition to the normal analysis of TF hazards linked with ISIL, Al Qaeda, and their affiliates, research will be conducted on techniques to increase intelligence exchange.
• Raising awareness of the money laundering and terrorist financing threats linked with institutional and systemic fraud, illegal wildlife trade, and environmental crime.
• Considering the findings of the FATF Strategic Review in April 2022, updating relevant training materials, and providing a sufficient community of experts to conduct mutual evaluations and audits for new areas of effectiveness assessment.
Considering Singapore's pledge to deepen the relationship between the FATF and the FSRB, the recent development of the FSRB's strategic vision during Germany's leadership is welcomed. Under the Singaporean Presidency, the FATF will collaborate closely with FSRBs to develop a road map for capability and capacity building in order to support and enhance the Global Network's measures to counter money laundering, terrorism financing, and proliferation finance.
The Reserve Bank of India, which was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act,
In recent times, money laundering and terrorism financing have attracted a lot of attention forcing governments and regulators, across the globe, to focus their energies on stopping the illicit flow of funds. However,