FATF published Declaration of the Ministers of the Financial Action Task Force (FATF)

On April 18, 2024, following the Ministerial Meeting of the Financial Action Task Force (FATF) in Washington, DC, the FATF issued a Declaration in which FATF Ministers reaffirmed their unwavering commitment to combat financial crime, and fully support the FATF as the global standard-setter for preventing and combatting money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction (AML/CFT/CPF).

In the Declaration, the Ministers recall the February 2023 FATF Public Statement on the suspension of the Russian Federation’s membership, noting that ongoing, illegal, unprovoked and unjustified invasion of Ukraine runs counter to the FATF’s core principles and represents a gross violation of the commitment upon which FATF Ministers agree to implement and support the FATF Standards as well as call upon all jurisdictions to remain vigilant of threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s war against Ukraine.

In the context of the implementation of the FATF standards, Ministers noted that despite significant progress made, there continue to be gaps in effective implementation of the FATF Standards and committed to swiftly implement measures to improve effectiveness of outcomes in tackling money laundering, terrorism financing and proliferation financing.

The Ministerial Declaration also states that further effort is required on supervision and preventive measures, beneficial ownership transparency, investigating and prosecuting money laundering, and confiscating the proceeds of crime. Ministers reaffirmed their commitment to support jurisdictions to put in place the tools needed to protect the financial system and the broader economy from the threats of illicit finance. Ministers also committed to fully, swiftly and effectively implementing the FATF Standards and hold accountable any members that fail to do so.

Considering the serious ongoing threat of terrorism in many regions of the world, the FATF will also continue its strategic focus on countering terrorist financing, and encourage all jurisdictions to strengthen cooperation to better detect, investigate, prosecute and disrupt terrorist financiers.

Ministers highlighted the significant threat posed by the proliferation of weapons of mass destruction (WMD) to international peace and security. Noting the FATF’s reinforcement of the global response to this threat by adopting measures to help countries and the private sector to identify and assess risks of any breach, they encouraged all jurisdictions to implement these measures to prevent WMD proliferators from raising and moving funds.

Ministers also committed to supporting countries, including the Global Network, in their effective implementation of the FATF standards and monitoring evolutions in finance and technology.

Given that Ukraine is involved in the FATF meetings, especially in the context of issues related to the sanctions against Russia, Igor Cherkaskyi, Head of the State Financial Monitoring Service of Ukraine, positively noted that the Ministerial Declaration focused on and once again condemned the Russian aggression against Ukraine. We remain convinced that it is necessary to consolidate joint decisive efforts for stronger and more convincing steps aimed at ensuring the integrity and security of the Global financial system from the risks and threats posed by the Russian Federation”, Igor Cherkaskyi noted.

FATF Ministers will meet next in April 2026.