FATF under Singapore Presidency – Priorities Explained
Singapore will be holding the Presidency of the Financial Action Task Force(FATF) for the next two years, 2022-2024. According to the recently released objectives by FATF, the Singapore Presidency will focus on issues related to asset recovery and the illicit finance of cyber-enabled crime. Also, it will focus on enhancing the effectiveness of anti-money laundering and counter-terrorist financing measures across FATF member jurisdictions and the wider Global Network.
Increase asset recovery
Financial crime has risen in scale, complexity, and pervasiveness in recent years. It is highly profitable, making the crime numbers increase. However, when it comes to asset recovery, it is estimated to be less than one percent of global illicit financial flows. In order to strengthen the asset recovery rate, the Singapore Presidency will be focusing on asset recovery through collaboration between FATF, FSRBs*, and Asset Recovery Networks. It aims to focus on notable changes through the use of data analytics and public-private partnerships.
Initiate actions to decrease cyber-enabled crime
Since 2020, online fraud, scams, ransomware, and COVID-related phishing activities have prevailed in the cyber-enabled crime landscape. These online crimes will grow in sophistication if left unresolved. It is challenging to stop as these are often sophisticated and take advantage of new technologies. This is why the FATF under Singapore Presidency will be initiating a sophisticated plan focusing on ML/TF linked to cyber-enabled fraud and scams. Understanding the methods of the complicated cyber crime, analyzing the ML techniques, identifying data analytics, and establishing industry partnerships are ways to fight cyber-enabled fraud and scams.
Enhance the effectiveness of AML and CTF Measures
FATF’s Singapore Presidency puts the AML/CFT measures as the top priority. One of the methods to put the FATF Standards up to date is strengthening the check of beneficial ownership information. Overseeing the UBO** completion guidance for legal persons will strengthen the issue of trust and other legal arrangements.
Be prepared with the intensified rules and measurements applied by the FATF. Argos KYC provides a thorough examination of the UBO under KYB service. Knowing who you are doing business with is important. Start working with businesses that have adequate transparency of beneficial ownership. It’s not a hassle task when using the KYB service by Argos KYC. Let us do our job while you focus on your priorities. Will cover more updated news provided by FATF when ready.
*FATF-style regional bodies
**Ultimate Beneficial Ownership