By Alisha Houlihan for AMLi
The President of the Financial Action Task Force (FATF), Dr. Marcus Pleyer has said we need to “push the envelope” on how we can prevent financial crime from “damaging our society”.
Speaking at AML Intelligence’s PPP conference on April 27, Dr Pleyer warned that “weaknesses remain” in investigating and prosecuting high profile, cross-border cases and “preventing and trusts from being used for illicit purposes.”
The President of FATF highlighted that one of the most “pressing concerns” was digital transformation and its “impact” on the AML/CFT sector, and revealed that FATF was exploring the “opportunities that new and emerging technologies provide in this space.”
“This will help us better understand and address the risks,” he added.
Private sector information and collaboration are “key”, said Dr. Pleyer, who emphasised that these would “positively transform AML/CFT”, adding that “sharing information can help the exploration of information gaps” in the AFC sector.
The FATF President highlighted the common international aspect of money laundering and warned that “multinational money laundering schemes do not respect national boundaries.”
Speaking on the increasing use of virtual assets, Dr. Pleyer urged that collective action to tackle dirty crypto is “crucial”, and warned that countries need common standards as a priority, due to virtual assets being “inherently global.”
Dr. Pleyer also emphasised the importance of Public-Private Partnerships, adding that: “Sharing information is key to promoting financial transparency in protecting the integrity of the financial system.”
“It provides financial institutions and relevant competent authorities with the intelligence, analysis and data necessary to prevent and combat money laundering and terrorist financing,” said Dr. Pleyer.
Data collected by PPP’s highlights the “importance between public and private sectors,” according to Dr. Pleyer who stressed: “We need to keep pushing the envelope and questioning how we can be more effective together, to protect our societies from crime and terrorism.”
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