G-20 leaders reaffirm support to FATF to combat money laundering, terrorist financing

 G-20 leaders, including Prime Minister Narendra Modi, have reaffirmed their full support for the Financial Action Task Force and have recognised that effective implementation of the measures put in place to combat money laundering, terrorist financing and proliferation is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system.

In the Rome Declaration issued on Sunday, the G20 leaders stressed the relevance of the risk-based approach of the global anti-money laundering and Paris-based terror financing watchdog’s recommendations with the aim to ensure legitimate cross-border payments and to promote financial inclusion.

“We reaffirm our full support for the Financial Action Task Force (FATF) and the Global Network and recognise that effective implementation of Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation (AML/CFT/CPF) measures is essential for building confidence in financial markets, ensuring a sustainable recovery and protecting the integrity of the international financial system,” the declaration stated.

FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

ts ‘grey list’ until it further demonstrates that action is being taken against Jamaat-ud-Dawah chief Hafiz Saeed and Jaish-e-Mohammed founder Masood Azhar who are listed as global terrorists by the United Nations. 

The FATF also placed Turkey, Jordan and Mali to its watch list.

Pakistan was placed on the grey list by the FATF in June 2018 and was given a plan of action to complete it by October 2019. Since then, the country continues to be in that list due to its failure to comply with the FATF mandates.

In the Rome Declaration, the G-20 nations confirmed their support for strengthening the FATF recommendations to improve beneficial ownership transparency and called on countries to fight money laundering from environmental crime, particularly by acting on the findings of the watchdog’s report.

Editor JK News Updates

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