15 Apr 2019
Finance ministers and other national representatives approved an indefinite extension of the Financial Action Task Force’s mandate, including revisions that increase the group’s presidential terms by a year.
The open-ended mandate, which takes effect in 2020, comes as the Paris-based intergovernmental organization marked its 30-year anniversary in a ministerial meeting last week in Washington, D.C. The task force, known as FATF, last revised its mandate in 2012 to include combatting the financing of weapons of mass destruction.
Beginning in July, presidents and vice presidents of the group will serve 2-year terms as part of an effort to “raise the FATF’s profile and visibility on the global stage.” FATF ministers will also meet every two years, starting from 2022, to discuss strategic issues and evaluate the efficacy of the organization’s efforts, according to the mandate.
Finance ministers separately outlined the group’s priorities for the next four years in a draft ministerial declaration, including the completion of its latest round of mutual evaluation reports and its efforts to address “new and emerging threats” related to digital ID, virtual currency and other technological innovations, FATF President Marshall Billingslea said in a statement.
“The ministerial declaration proposed for adoption today, along with the revised mandate, sets out priorities for the FATF to address these challenges by strengthening its internal governance and ultimately its capacity to respond to the threats all countries face,” said Billingslea, who as a US Assistant Treasury Secretary will be the last FATF president to serve a 1-year term.
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