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Home / World News / FATF urges G20 to set example, act now on money laundering

FATF urges G20 to set example, act now on money laundering

The FATF president added that money laundering is not a “victimless crime” and the ramifications of ineffective action are real.

world Updated: Nov 21, 2020, 23:04 IST
Asian News International | Posted by Arpan Rai
Asian News International | Posted by Arpan Rai
Paris
Family Photo composite for the annual G20 Leaders' Summit is projected onto Salwa Palace in At-Turaif, one of the country's UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020.
Family Photo composite for the annual G20 Leaders' Summit is projected onto Salwa Palace in At-Turaif, one of the country's UNESCO World Heritage sites, in Diriyah, Saudi Arabia, November 20, 2020. (VIA REUTERS)

The G20 must start leading by example and act now to stop money laundering, said the Financial Action Task Force president Marcus Pleyer.

“There are hundreds of ways to conceal the source of illicit money. It is one reason why so many countries’ financial systems are exposed to money laundering, terrorist financing and proliferation financing. Yet even as the G20 publicly calls for the full implementation of Financial Action Task Force standards around the globe, not all G20 members have taken effective action to make a real difference,” Pleyer wrote in his article titled ‘Lead by Example’.

The FATF president added that money laundering is not a “victimless crime” and the ramifications of ineffective action are real. “Failing to take action means organised criminals trafficking people, drugs, arms and wildlife, and corrupt stakeholders and terrorists, operating with impunity,” he added.

“Taking the profits out of these crimes will protect people, the environment and the economy. The G20 must start leading by example and act now to stop money laundering. G20 members must root out criminality by tracing illegal profits,” the President wrote further.

This year’s G-20 Summit is being held via video conferencing which began on Saturday with Prime Minister Narendra Modi, Chinese President Xi Jinping, Russian President Vladimir Putin and US President Donald among several other leaders sharing the platform. (ANI)

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