The FATF standards and the unintended consequences
The FATF standards and the unintended consequences15 July, 2021 •
The Financial Action Task Force (FATF) is the intergovernmental standard-setting body and watchdog for anti-money laundering, combating the financing of terrorism and other illicit financial flows.
This year, the FATF announced new research into the potential unintended consequences of incorrect implementation of the FATF standards and recommendations. FATF identified four areas of concern: de-risking, financial exclusion, suppression of non-profits, threats to basic human rights.
Barry Cooper attended a webinar hosted by the Royal United Services Institute (RUSI) on how these unintended consequences are felt in the present day. The discussion focused on financial exclusion and how negative impacts from the FATF framework could be mitigated.