FATF President Supports Financial Inclusion at G20 Central Bank Governors and Finance Ministers Meeting

Financial Action Task Force President, Marcus Pleyer, spoke at the G20 Finance Ministers and Central Bank Governors Meeting on February 26, 2021. The FATF President commended the Italian G20 Presidency on their priorities regarding digitalization, and “people, planet and prosperity”; as well as their objective for “a resilient, inclusive and sustainable recovery”. The FATF President ensured that, “FATF stands ready to help [protect] our economies from illicit funds”, and made a commitment to contribute to financial inclusion, digitalization in financial services, and the G20’s Roadmap for Enhancing Cross-Border Payment.

President Pleyer highlighted three of FATF’s achievements in digitalization and assured that FATF will continue to align these achievements with the G20 Presidency’s objectives. They include:

  • FATF’s guidance on digital ID as an “important resource for ensuring access to essential and secure financial services- especially during the pandemic.”
  • FATF’s “adopted standards on virtual assets and stablecoins as the first international standard setter and the launch of a second review of the global implementation of these standards.” An update to the G20 will be provided during the year.
  • FATF currently analyzing “the opportunities and challenges of digital transformation for anti-money laundering”, with an offer to share insights from their work on data protection, privacy and responsible innovation.

The FATF President also expressed FATF’s commitment “to support the G20 through work on environmental and climate crime, such as illegal deforestation and illegal wildlife trade”; and “ensuring transparency of beneficial ownership is critical for everything from a fair tax system to stopping money laundering.” Notably, FATF’s President implored the G20 to implement FATF standards to combat illicit financial flow.

President Pleyer’s full speech can be found here.