Mumbai (Maharashtra) [India], March 26 (ANI): The Financial Action Task Force (FATF) has stressed the need for public-private partnerships to step up global defences against financial crime at the 2025 FATF Private Sector Collaborative Forum, which was held in Mumbai on Tuesday.
The forum, hosted in Mumbai by the Reserve Bank of India (RBI) and the Ministry of Finance, from March 25-27, invites a wide range of stakeholders to express their views, according to FATF press release. More than 200 participants, including representatives from international banking groups, fintech companies, gatekeepers and civil society are currently discussing with public officials the global trends in anti-money laundering and the financing of terrorism.
In his address at the forum on Wednesday, FATF President Elisa de Anda Madrazo emphasized the importance of collaboration between the public and private sectors:
Madrazo said, “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.”
RBI Governor Sanjay Malhotra emphasised the vital role played by the private sector. He said, “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.”
The three-day forum provides a unique opportunity for actors from the public and private sectors to exchange knowledge on the key challenges and ways forward in the fight against financial crimes.
The participants discussed payment transparency issues during the first day of forum. It featured a round-table discussion on the recently released public consultation on proposed revisions to Recommendation 16. The proposed revisions aim at supporting evolution to faster, cheaper and inclusive cross-border payments while enabling them to remain safe and secure. The consultation will be available for comments until April 18, according to FATF press release.
During the forum, new initiatives to reconcile payment transparency and Data Protection and Privacy will be discussed, including close cooperation among public authorities and the private sector.
In a press release, FATF said, “In light of the FATF recently revising its standards to better support the application of simplified due diligence in low-risk situations, the risk-based approach and financial inclusion will be the focus of the second day of the forum.”
“The FATF has worked hand in hand with the private sector and civil society on the changes to its standards after a consultation gathering more than 140 responses, including from non-profit organisations, banks, payment providers, insurers, academics, accountants, lawyers and other international organisations,” it added.
During day two of the forum, participants are discussing the challenges of implementing a risk-based approach and how digital tools can help overcome these challenges. The consultation on new guidance that will facilitate increased focus on proportionality and simplified measures under the risk-based approach will be available until 4 April 2025.
The afternoon roundtable discussion focused on access to financial channels to support humanitarian aid, building on changes in recent years to the FATF standards to support Non-Profit Organisations (NPOs), according to FATF press release.
During the last day of the forum, the discussion will be held on emerging risks related to anti-money laundering and countering the financing of terrorism. The purpose of the discussions is to explore coordinated solutions to the risks and threats that lie ahead, all while engaging in a collaborative format. (ANI)
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