FATF releases permanent mandate to combat money laundering and other proliferation financing
On April 12, the U.S. Department of the Treasury announced that the Financial Action Task Force (FATF), an international standard setting body, agreed to a permanent mandate for the FATF to continue its work against combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. FATF ministers agreed to meet every two years, starting in 2022, to support the commitment to implementing the mandate. Among other things, the mandate states the FATF will (i) develop and refine international standards for combating money laundering; (ii) respond to significant new and emerging threats to the global financial system; (iii) maintain engagement with other international organizations and bodies; and (iv) consult the private sector on matters relating to FATF’s work. The mandate also provides a detailed layout of the organization’s membership composition and internal organization.