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3/19/2020

Financial Action Task Force (FATF) Ministers Take Steps to Protect the Global Financial System | U.S. Department of the Treasury

Financial Action Task Force (FATF) Ministers Take Steps to
Protect the Global Financial System
April 12, 2019

Washington – Today, U.S. Department of the Treasury Secretary, Steven T. Mnuchin, chaired a
meeting of Ministers and other senior o icials, representing the membership of the Financial
Action Task Force (FATF).
“Since its inception thirty years ago, the FATF has been at the forefront of e orts to combat
money laundering. This Minister-level meeting rea irmed our collective commitment to protect
the integrity of the international financial system,” said Secretary Mnuchin. “FATF is a dynamic,
agile, and enduring body that continues to take concrete steps to harden the international
financial system, as criminals, terrorists, and rogue nations actively attempt to exploit any weak
links. I am pleased that we decided today on a permanent mandate for the FATF, and that we
gave further focus on its work against terrorist and proliferation finance. Because of the
importance Ministers ascribe to the FATF, we also agreed upon Minister-level meetings every
two years moving forward. ”
In a meeting coinciding with the 2019 Spring Meetings of the World Bank Group and the
International Monetary Fund, FATF Ministers rea irmed the central role of the FATF as the global
international standard setter to take decisive, coordinated, and e ective action against money
laundering, terrorist financing, and proliferation financing related to weapons of mass
destruction (WMD). Ministers endorsed a new open-ended mandate for the FATF and
committed to providing the necessary resources to support the vital work of the FATF to address
new and evolving threats. The Ministers also agreed to meet every two years to ensure their
governments’ commitment to implementing the FATF’s mandate.
Now in its 30th year, the FATF, under its U.S. Presidency, is taking concrete steps to address the
illicit financing risks associated with virtual assets; strengthening e orts to combat terrorist
financing through greater risk understanding and operational coordination; and, enhancing its
e orts to counter the financing of the proliferation of WMD.
The FATF mandate can be found here.
https://home.treasury.gov/news/press-releases/sm654

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Financial Action Task Force (FATF) Ministers Take Steps to Protect the Global Financial System | U.S. Department of the Treasury

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https://home.treasury.gov/news/press-releases/sm654

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