An U.S. delegation, led by Jennifer Fowler, the Treasury’s acting deputy assistant secretary for terrorist financing and financial crimes, worked with members of the Financial Action Task Force to ensure compliance with anti-money laundering and terrorism finance standards.
The 25th Plenary of the FATF was held in Norway and is intended to increase financial transparency and battle illegal finance.
Fowler worked with other FATF members to prepare for the next round of evaluations to assess compliance with AML and countering the financing of terrorism standards, which have become increasingly important as the global community seeks to protect the global financial system from abuse by terrorists and other criminal organizations.
“The FATF is a dynamic organization and its work this week once again demonstrates its ability to address the highest priority illicit finance risks and vulnerabilities,” Fowler said. “We will continue to work within the FATF to implement global standards to safeguard the international financial system.”
The FATF issued guidance on applying the AML/CFT standards to new products and services, which have become increasingly important to the unbanked and, ultimately, global commerce, but may also have the potential to be used for illicit money laundering and terrorist financing.