WASHINGTON – Ministers representing the 40 members of the Financial Action Task Force (FATF) convened in Washington today to discuss crucial matters concerning global financial security and combatting illicit activities. Secretary of the Treasury Janet L. Yellen commended the FATF for its commitment to protecting the financial system and addressing pressing issues. Yellen highlighted the importance of combating terrorist financing, preventing sanctions evasion, enhancing financial transparency, and recovering assets to combat corruption.
Yellen also emphasized the significance of holding jurisdictions accountable for upholding the integrity of the financial system in the face of challenges such as the Russian Federation's invasion of Ukraine. She stated, "The Russian Federation’s ongoing, illegal, unprovoked, and unjustified invasion of Ukraine runs counter to the FATF’s core principles and represents a gross violation of FATF Standards and Ministerial commitments."
During the meeting, Secretary Yellen welcomed Indonesia as the newest FATF member and acknowledged the organization's achievements in global anti-corruption efforts. She expressed support for increasing the core budget to prepare for the next assessment round and highlighted the efforts to address transparency issues in the AML/CFT framework.
Yellen stressed the importance of continuing to combat terrorist financing, especially in preventing financial facilitators of terrorist organizations from accessing the global financial system. She also called for accountability regarding non-compliance with FATF standards, citing the suspension of Russia from the body in 2023 and condemning its financial ties with North Korea and Iran.
In conclusion, Secretary Yellen underscored the critical role of the FATF in combating WMD proliferation financing and welcomed additional efforts to mitigate proliferation financing risks. The ongoing commitment of the FATF and its members to safeguarding the international financial system remains paramount in addressing global security challenges.
