By PAUL O’DONOGHUE, Senior Correspondent
THE second FATF-Style Regional Bodies (FSRBs) forum focused on the impact of illicit financial flows (IFFs) on developing countries.
MONEYVAL, which monitors anti-money laundering (AML) standards across Europe, hosted the event with GIZ, the German development agency. The forum took place in Strasbourg, France, from February 24 to 25.
GIZ highlighted the threat posed by IFFs, saying, “Illicit financial flows undermine global economic stability, especially in developing countries.” According to the United Nations Conference on Trade and Development (UNCTAD), IFFs account for 5% to 30% of total trade in goods in some developing nations.
FATF-Style Regional Bodies forum discussions
The discussions centered on preparing for the next round of mutual evaluations. Participants also focused on boosting FSRBs’ technical capabilities, especially in IT. GIZ emphasized that tackling IFFs must be “a top international priority,” with global efforts aimed at curbing money laundering and illicit activities.
MONEYVAL said the forum brought together representatives from the seven FSRBs and the FATF Secretariat. They worked to enhance cooperation in the global fight against money laundering and terrorism financing.
“The forum addressed key challenges from the previous round of mutual evaluations and outlined priorities for the next one,” MONEYVAL stated. “Lessons from past evaluations guided discussions on setting benchmarks for future assessments and follow-up.”
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