Edited by Sergio Silvestri

Elisa de Anda Madrazo recently took over the chair of the Financial Action Task Force (FATF) and made her first official speech at the G20 in Rio de Janeiro. During her speech, she highlighted the importance of financial inclusion in ensuring the integrity of the global financial system. Madrazo emphasized that an inclusive approach is essential to effectively address illicit financing.

Strategic Priorities

Among his priorities, Madrazo indicated:

• Simplifying Due Diligence: Make verification procedures more accessible and less burdensome, especially for vulnerable populations, to foster greater financial inclusion without compromising security.
• Improving Cross-Border Payment Systems: Facilitating and securing money transfers between countries, reducing costs and increasing transaction speed. This is crucial for developing economies that depend on remittances.
• Support for Low Capacity Countries: Provide assistance and resources to countries with limited capacity to help them effectively implement FATF standards and combat illicit financing.

Madrazo reiterated that no country should be left behind in the fight against illicit financing. He also emphasized the importance of international cooperation and information sharing to address the global challenges of illicit financing and money laundering.

Inclusive approach

The new FATF President emphasized the importance of engaging all stakeholders, including the public and private sectors, to develop innovative and sustainable solutions. This collaborative approach is crucial to ensuring that the measures adopted are effective and respect human rights.

Future of the FATF

Under Elisa de Anda Madrazo's leadership, the FATF will strive to strengthen its efforts to promote a safe, inclusive, and transparent global financial system. Her leadership represents a significant step toward greater international cooperation and a more secure future for all.

Source: fatf-gafi.org