Mumbai, 27 March 2025 - The 2025 FATF Private Sector Collaborative Forum (PSCF), which concluded today, has reinforced the importance of Public-Private Partnership to step up global defences against financial crime.

The Forum, hosted in Mumbai by the Reserve Bank of India and the Ministry of Finance, brought together a broad range of stakeholders from the public and private sectors and civil society.  

Over three days (25-27 March), more than 200 participants, including representatives from international banking groups, Fintech companies, gatekeepers and civil society exchanged knowledge on the key challenges and ways forward in the fight against financial crimes. Participants agreed that public-private partnership should pave the way for the development of common roadmaps.

In her opening address, FATF President, Elisa de Anda Madrazo emphasised the importance of collaboration between the public and private sectors: “Without the private sector, the FATF mandate to tackle money laundering and the financing of terrorism and proliferation could not be achieved. The private sector is at the forefront of the fight against financial crimes. In this fight, public authorities and private sector play on the same team.”

The Governor of the Reserve Bank of India, Shri Sanjay Malhotra, also addressed delegates, saying: “Together, let us continue to collaborate and innovate in building a financial ecosystem that is not only safe and secure but also fast, convenient, accessible and affordable. Let us build financial systems that not only thwart the attempts of money laundering, terror financing and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth.”

A full day of the forum was dedicated to payment transparency. Participants shared their views on the FATF's ongoing public consultation on proposed revisions to Recommendation 16, also known as the “travel rule” standard.

New initiatives to reconcile payment transparency and Data Protection and Privacy were discussed, including close co-operation among public authorities and the private sector.

Chairing a roundtable discussion on Information Sharing and Data Protection and Privacy (DPP), FATF Executive Secretary, Violaine Clerc highlighted that it is time to resolve the frictions between data privacy and AML/CFT rules and enhance our overall effectiveness in fighting money laundering and terrorist financing, through strengthened dialogue with data protection authorities. The FATF will contribute to address these issues also through the new Forum on Data Frameworks – a platform created by the Financial Stability Board to identify and address inconsistencies in global data frameworks, in cooperation with competent International Organisations, authorities and the private sector.

FATF sought feedback from the private sector on the risk-based approach and financial inclusion, including how digital tools (such as digital customer onboarding) can help support these goals. Inputs were provided on the recent revision to the standards to better promote financial inclusion as well as on how the new Guidance can help countries and private sector implement the new requirements. The discussions highlighted the importance of tripartite dialogue between supervisors, financial institutions and Non-Profit Organisations (NPOs) and other humanitarian actors to ensure that NPOs have adequate access to financial services, including for the delivery of humanitarian assistance. Feedback from the private sector also stressed the need to expedite the move to a proper risk-based approach.

Finally, authorities, private sector and civil society discussed the implementation of the FATF Standards on Beneficial Ownership, including by gatekeepers, as well as emerging risks related to the financing of terrorism and of proliferation of weapons of mass destruction. The inputs received will inform ongoing FATF work in these areas.

On behalf of all participants, the FATF expresses its gratitude to the Reserve Bank of India and the Ministry of Finance for hosting the 2025 PSCF in Mumbai.