Lunes 1 de Julio 2024

Mexico Presides Over the Financial Action Task Force

Aiming to continue contributing to the security of nations and their economies from a multilateral perspective. Elisa de Anda Madrazo leads this responsibility

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With Elisa de Anda Madrazo at the helm, Mexico begins its presidency of the Financial Action Task Force (FATF), an intergovernmental organization whose objectives include setting standards and promoting the effective implementation of legal, regulatory, and operational measures to combat money laundering, terrorist financing, the proliferation of weapons of mass destruction, and other threats related to the integrity of the international financial system.

Mexico will assume this leadership role for a period of two years, from July 1, 2024, to June 30, 2026.

In a joint press release, the Secretariats of Foreign Affairs (SRE) and Finance and Public Credit (SHCP) detailed that among the priorities of the current FATF presidency are promoting financial inclusion to reduce the use of cash and unregulated channels, in order to mitigate the risks of money laundering and terrorist financing.

Additionally, improving the cohesion of the FATF Global Network under the principles of inclusion and collaboration, being sensitive to the challenges of less developed countries with limited capacities, and fostering regional and international cooperation.

The document also highlights the aim to support the effective implementation of FATF standards in three key areas: a) Beneficial ownership. Identifying the true owners of legal entities or financial transactions so that authorities can trace illicit funds and increase transparency in financial systems. b) Virtual assets. Preventing their use for money laundering and terrorist financing. c) Asset recovery. Strengthening the ability of national authorities to freeze and recover assets, thereby restoring victims and deterring criminals.

Another goal for this administration, with Mexico at the helm, is to increase and update the global understanding of the risks of terrorist financing and the financing of the proliferation of weapons of mass destruction.

These priorities were unanimously adopted by the FATF membership at the plenary meeting held in Singapore from June 26 to 28, 2024, during which Mexico's leadership and the new president's capacity to carry out the mandate were recognized.