An expert article has appeared on the Royal United Services Institute for Defence and Security Studies (RUSI) website welcoming the recent decision of the Financial Action Task Force (FATF) to undertake a strategic review and calling on the global financial crime watchdog to reform and refocus its efforts.
Director of RUSI’s Centre for Financial Crime and Security Studies, Tom Keatinge, says the review is much needed because the credibility of FATF is being increasingly undermined.
Keatinge credits FATF for its first 30-years fighting financial crime. He says it has driven forward remarkable advances in the global anti-financial crime architecture.
But he believes the credibility of the FATF is being increasingly undermined. He points out that until its most recent meetings, when it added minnow Iceland to its watchlist, the 39 members of the FATF – mainly rich countries – have failed to censure one of their own, despite the fundamental failings of several member countries.
Similarly, he believes the country assessment process the watchdog oversees has become increasingly politicised.
Time for reflection
Keatinge has no doubt that the FATF’s standards have strengthened the integrity of the global financial system; but this journey has reached an important juncture for reflection he concludes.
In this context he welcomed the decision by the task force to undertake a strategic review of the its work.
Keatinge’s article, It’s Time to Reform and Refocus the Financial Action Task Force, can be found here.
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