FATF Agrees On "Permanent Mandate" To Protect Global Financial System

Ministers of finance of Financial Action Task Force ("FATF") member countries agreed to make permanent the mandate for the FATF to protect the international financial system from money laundering and terrorist financing.

FATF Ministers reaffirmed "the central role of the FATF as the global international standard setter to take decisive, coordinated, and effective action against money laundering, terrorist financing, and proliferation financing related to weapons of mass destruction (WMD)."

The mandate states, among other things, that:

• the objectives of the FATF are to safeguard financial systems and the broader economy from threats of money laundering and the financing of terrorism;