Private Sector Consultative Forum, April 2024

Publication details

Language

English

Country

Topic

Private sector

“We can only succeed if we are united in this fight against financial crimes.”

FATF President T. Raja Kumar

8 April - As the FATF and the global network tackle current and emerging threats to the global financial system, close collaboration with the private sector and civil society is more essential than ever, according to FATF President T. Raja Kumar. “We can only succeed if we are united in this fight against financial crimes,” he said, speaking at the FATF’s annual Private Sector Consultative Forum (PSCF) on 4^th and 5^th April 2024 in Vienna, Austria, hosted by the United Nations Office on Drugs and Crime (UNODC).

Chaired by the FATF President T. Raja Kumar, this year’s Forum was attended by more than 250 representatives from the financial sector, non-financial businesses and professions, civil society, academia, FATF members and other stakeholders. It provided an invaluable opportunity for the FATF and its members to directly interact with the private sector and civil society to strengthen partnerships in combatting money-laundering and terrorist financing.

UNODC’s Director for Treaty Affairs, John Brandolino in his welcome address highlighted the synergy between the work of the FATF and UNODC in the fight against money laundering and terrorist financing and the value of collaboration between the public and private sectors.

Participants shared their candid views on the current and evolving ML/TF risk landscape, as well as how the FATF’s strategic priorities align with the risk environment and can strengthen the effectiveness of AML/CFT efforts. There was consensus that the private sector and civil society play a critical role in helping jurisdictions address these risks more effectively.

Thematic discussions were held on the contemporary issues of payment transparency, asset recovery, beneficial ownership, and risk-based approach for non-profit organisations. Participants appreciated the recent work undertaken by the FATF on these issues and discussed ways forward to better develop and implement the new requirements. Participants also discussed examples of how the public and private sectors have collaborated through strong public-private partnerships, such as those combating the financial flows of the illegal wildlife trade.

The PSCF also touched on the opportunities and risks brought about by digitalization, technology, and innovation. This includes the development of Central Bank Digital Currencies (CBDCs) and the need to stay fully abreast of these developments to effectively address financial crimes risks.

In his closing remarks, FATF President T. Raja Kumar reiterated the importance of the concerted effort of the global community to combat money laundering and terrorist financing in all its forms and manifestations. He remarked that “it is not possible for any single country or organization to face these threats alone. We need all the help and support from our key partners. It is in our collective interest to fight financial crime and thereby help make each of our societies a safer place.”

The two-day discussions have provided valuable insights to help shape the future work programme of the FATF, which will be further discussed at the upcoming FATF plenary meeting in Singapore in June 2024.

On behalf of all participants, the FATF expresses its gratitude to the UNODC for hosting the 2024 PSCF at the United Nations Office in Vienna and for its strong support.