By AMLi Correspondents
FATF Executive Secretary David Lewis described a “sad week” at his final Plenary Session of the agency – and confirmed he will be stepping down at Christmas.
Lewis said a lot had been achieved at last week’s plenary, including delivering “guidance to help governments and firms navigate the Wild West of cyptos.”
He thanked colleagues at the Paris-based organisation, which he described as a member led authority rather than being led by any particular bloc.
“Thanks to my friends and colleagues in the wonderful FATF secretariat. As I told the plenary, we are not a UK-led body, not a US-led body, not a China-led body. We are a member-led body and the best protection of that is a strong, independent, impartial secretariat,” he wrote on social media today.
Describing the outcomes of the plenary he wrote: “A sad week for me but lots still achieved. Verified beneficial ownership registers are now close to becoming a global requirement; guidance to help governments and firms navigate the Wild West of cryptos; Botswana and Mauritius successfully exit the grey list. Turkey, Jordan and Mali agree action plans to rapidly strengthen their counter measures as they enter the grey list.
“The focus on unintended (intended?) consequences of AML/CFT struggles on. More support for digital transformation. Confidential codes and red flags to help FIUs sift the STR black hole for right wing terrorism/extremism.”
He said he would officially step down from the FATF Secretariat at Christmas “but will never leave the FATF family. I’m looking forward to continuing to serve countries and helping to make AML/CFT effective.”
Just three weeks ago the world of anti-financial crime was convulsed by the shock news of his resignation.
In a passage from his resignation letter which drew the most attention, Lewis says: “I hope my successor will be selected as I was, and all secretariat staff are—on merit, on the basis of fair and open competition.”
David was unhappy with the prolonged nature of the negotiations and a clause that would mean the position would be advertised – regardless of his performance.
In his mail to staff David says: “Unfortunately, this last renewal process involved a prolonged period of uncertainty, exasperated by a proposal out of the blue to introduce a new requirement that the role be readvertised, regardless of my performance,” Lewis wrote.
The mail also urged FATF officials to continue to act without fear or favor which some observers are interpreting as holding the key to the executive secretary stepping down.
“I hope my successor will be selected as I was, and all secretariat staff are—on merit, on the basis of fair and open competition,” he wrote.
“I urge you to protect the secretariat and its professional status … so that they can continue to protect and serve you, the FATF, without fear or favor.” he added
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
