The head of the Financial Action Task Force ( FATF ) and India’s central bank governor have stressed the need for public-private partnerships to combat financial crimes.

“Without the private sector, the FATF mandate to tackle money laundering and the financing of terrorism and proliferation could not be achieved,” says FATF president Elisa de Anda Madrazo.

“The private sector is at the forefront of the fight against financial crimes. In this fight, public authorities and the private sector play on the same team,” she says.

De Anda, director general of Mexico’s Ministry of Finance and Public Credit, was speaking on March 26 at a forum in Mumbai hosted by the Reserve Bank of India ( RBI ) and India’s finance ministry.

According to RBI governor Sanjay Malhotra, the world needs a financial ecosystem that’s “not only safe and secure but also fast, convenient, accessible and affordable.”  

“Let us build financial systems that not only thwart the attempts of money laundering, terror financing, and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth,” he says.

Broad consultation

Paris-based FATF says the forum attracted more than 200 participants, including representatives of international banks, fintech companies, gatekeepers, and civil society to discuss global trends in anti-money laundering and the financing of terrorism.

Topics on the agenda included payment transparency, digital tools for risk-based approaches, access to financial channels to support humanitarian aid, and emerging risks related to anti-money laundering and countering the financing of terrorism.

“The purpose of the discussions is to explore coordinated solutions to the risks and threats that lie ahead,” it says.“The FATF has worked hand in hand with the private sector and civil society on the changes to its standards after a consultation gathering more than 140 responses, including from non-profit organizations, banks, payment providers, insurers, academics, accountants, lawyers, and other international organizations.”