The Financial Action Task Force (FATF) has defended its record amid claims it must modernise its approach, insisting instead that its standards must be better implemented by national authorities.
FATF, which recommends extensive measures to tackle money laundering and terrorist financing, came under fire from a range of industry commentators at last week’s Sibos event in Singapore.
Representatives from legal practices, banks and payments businesses argued that its anti-money laundering (AML) and counter-terrorist financing (CTF) strategies needed to be more practical, more effective and better suited to the digital age.
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