A Commentary from RUSI on 23rd October argues that FATF is overstretched and its responsibilities, and the efficiency and effectiveness of its evaluation process must be reassessed.  The strategic review of the organisation is welcomed. It is said that in 30 years the 39 members of the FATF – mainly rich countries – have failed in this 4th round of assessments to censure one of their own (as opposed to members of its regional bodies, such as Moneyval, which they have willingly done) despite the fundamental failings of several member countries.  Similarly, the country assessment process it oversees has become increasingly politicised.  The Commentary argues that FATF’s detailed country evaluations have some value, but they are conducted too infrequently (approximately every 7–10 years) and fail to apply the FATF’s own mantra of a ‘risk-based approach’; using a uniform framework for all countries, regardless of whether they are central or peripheral to the integrity of the global financial system – FATF’s impact on global financial crime would be far more effective if it deployed its resources on the basis of a risk-based approach, conducting a higher tempo of targeted reviews on systemically important jurisdictions; and should also apply greater focus to systemically important issues such as the continued failure to advance company registry transparency.  Making constructive criticism, the article argues that the strategic review needs to take brave and far-reaching decisions that challenge the status quo – anything else will play into the hands of criminals, and critics alike.’s-time-reform-and-refocus-financial-action-task-force

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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