Mexico begins two-year term as President of the Financial Action Task Force

Mexico begins two-year term as President of the Financial Action Task Force

Mexico today began a two-year term as President of the Financial Action Task Force (FATF). Elisa de Anda Madrazo will head FATF from July 1, 2024 through June 30, 2026.

As president of the international body, Mexico will continue to contribute to the security of nations and their economies, and to the integrity of the international financial system, in line with the FATF mandate.

The work program will promote financial inclusion; cohesion of the Global Network, which includes more than 200 governments; greater integration of key international actors and the private sector in the group's work; and greater diversity in the governance of the FATF.

The priorities for Mexico's presidency will be to:

I. Advance financial inclusion to reduce the use of cash and unregulated channels, in order to reduce the risks of money laundering and terrorist financing.

II. Ensure that the reports of the 5th round of assessments, which will begin during Mexico's presidency, are of high quality, have a technical focus and are free from political considerations.

III. Strengthen cohesion of the FATF Global Network by fostering inclusiveness and collaboration. The more than 200 governments have committed to implementing the organization's standards. Mexico will seek to be sensitive to the challenges of less developed countries with limited capacities, and promote regional and international cooperation.

IV. Support effective implementation of FATF standards in three key areas:

a) Beneficial ownership: Identify the true owners of legal entities or financial transactions so that authorities can trace illicit resources and increase transparency in financial systems.

b) Virtual assets: Prevent money laundering and terrorist financing.

c) Asset recovery: Strengthen the capacity of national authorities to freeze and recover assets, thus improving restitution to victims and deterring criminals.

V. Prevent and combat the financing of terrorism and the proliferation of weapons of mass destruction. Mexico seeks to increase and update the world's understanding of the risks of these two activities.

These priorities were unanimously adopted by the FATF membership at the plenary meeting held in Singapore on June 26-28. The membership recognized the leadership of Mexico and the new president and our country's ability to carry out the task force's mandate.

FATF is an international policy-making and standard-setting body dedicated to combating money laundering, terrorist financing, the proliferation of weapons of mass destruction and other threats to the integrity of the international financial system.