ACAMS World Exclusive with FATF President T.Raja Kumar- Part 5

How the Financial Action Task Force (FATF) assesses national anti-money laundering (AML) and counterterrorist financing (CTF) regimes is evolving to be faster and more precise, according to the intergovernmental group’s new President, T. Raja Kumar. In an interview with ACAMS Executive Director (and former FATF Executive Secretary) Rick McDonell earlier this year, Mr. Kumar said the watchdog organization would:
Examine national AML/CTF regimes on a 6-year cycle for its 5th Round of Mutual Evaluations, as opposed to the previous cycle of 10-11 years.
Focus on proposing three to five key recommended actions for each jurisdiction’s Mutual Evaluation Report (MER).
Break out jurisdictional evaluations into discrete sectors, so that FATF’s assessments of Designated Non-Financial Businesses and Professions (DNFBPs), for example, can be conducted separately from the organization’s examination of financial institutions. Such an approach will help FATF to more accurately identify the specific anti-financial crime risks a country is facing, he said.
FATF’s Fifth Round is slated to begin in 2024. Listen to more of their conversation in the video and watch this space for further excerpts!
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