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FATF’s New President to Strengthen Push for Regulatory Harmonization
By Irene Madongo
printThe world's leading financial crime watchdog will soon ask countries to further harmonize their legal structures in an effort to stop criminals from exploiting differences in jurisdictional laws. Earlier this month, the Paris-based Financial Action Task Force (FATF) outlined priorities under its yearlong Australian presidency, including reducing regulatory arbitrage among the group's 36 member-states. The effort will go beyond the intergovernmental body's previous promotion of standards to combat money laundering and terrorist financing. Within the organization, member-states have voiced concerns that the differences in laws could inhibit regulatory oversight and investigations, said FATF President Roger Wilkins, in an interview Monday...
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