FATF to Work Closer with Private Sector in Setting AML Standards

By Matt Squire

The Financial Action Task Force, a global anti-money laundering watchdog, has resolved to seek out greater input from the private sector in developing policies for the world's financial systems. The FATF, in a four-year mandate the group adopted Saturday during a meeting in Washington, D.C., said it will meet with financial institutions and other private businesses at trade group events and consultative forums as it develops policies to battle laundering and terrorist financing threats worldwide. Financial industry trade groups have said that the Paris-based FATF, which issued 49 recommendations for fighting money laundering and terrorist financing, employs a top-down policymaking...