FATF discusses terror funding at first in-person meet in four years

New Delhi, April 7

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For the first time since 2019, the global Financial Action Task Force (FATF) held its Joint Experts’ Meeting (JEM) here to discuss new or emerging money laundering and terrorist financing risks and ways to address them. The discussions will feed into FATF’s ongoing work, which will be discussed further at its June Plenary in Paris.

Devising ways to plug loopholes

Over 140 experts from across the FATF global network mull over methods criminals use to launder money and fund terrorism, besides practices and ways to tackle them.

Over 140 experts from across the FATF global network gathered at the JEM and mulled over methods and trends that criminals used to launder money or fund terrorism. Hosted by the Union Ministry of Finance, experts also exchanged insights on money laundering and terrorist financing risks, including cyber-enabled fraud, the misuse of citizenship and residency investment programmes and terrorist financing through crowd-funding.

They also discussed emerging terror funding risks, challenges faced by law enforcement authorities investigating and prosecuting money laundering and good practices and methods to tackle them. In addition, the FATF along with the UNODC held a joint one-day workshop on the risks and challenges associated with hawala and similar service providers. The authorities discussed measures and ways to increase effectiveness of the global network to address these risks while recognising the need to safeguard financial inclusion efforts. The annual JEM provides a unique platform to build on and update understanding, based on the evidence and insights of law enforcement, financial intelligence and security agency experts, stated a FATF news release.