Paris, Feb 24: This week, the cream of the crop in global financial intelligence and security architecture converged at the Palais Brongniart for FATF’s first 2023 plenary.
With Singapore’s T Raja Kumar setting the tone, over 200 senior delegates from FATF’s sprawling network joined observers from various international agencies. Their imposing task? Ensuring continued vigilance against forces aiming to corrupt and weaponize the financial system.
Emanating from the week-long sessions was the prominent decision to modify assessment parameters for hardy safeguards for non-profit organizations. By reflecting recent upgrades in FATF’s counter-terror financing standards, the move aims to help NPOs build sturdy resilience against potential terrorist abuse of their financial channels.
“We need both scalpel and sledgehammer approaches – bespoke policies tailored to local contexts while coordinating wider reforms globally,” explained Brian Pinto, a veteran financial sector strategist from Mumbai. “FATF’s emphasis on timely, targeted upgrades while expanding collaboration among jurisdictions reflects a progressive, collaborative ethos – exactly what we need during such dynamic times.”
As the delegates parted ways, a mood of cautious optimism prevailed.
Much work remains on keeping financial access open yet closing down avenues for illicit activity. But by continually aligning standards with ground realities, the alliance of sentinels promise to prevail over forces threatening economic security worldwide.
