Prime Minister and Minister for Finance Lawrence Wong addressed the Financial Action Task Force (FATF) Plenary on June 26, 2024. He emphasized the need for international cooperation in combating financial crime and highlighted Singapore’s commitment to upholding FATF standards.
Prime Minister and Minister for Finance Lawrence Wong delivered a keynote speech at the Financial Action Task Force (FATF) Plenary on June 26, 2024. The event, held in Singapore, marks the 35th anniversary of FATF, an organization dedicated to combating money laundering, terrorism financing, and proliferation financing.
In his speech, PM Wong extended a warm welcome to the delegates and congratulated FATF on its milestone anniversary. He acknowledged the organization’s evolution from a 16-member group focused on drug trafficking to a global entity whose standards are adopted by over 200 jurisdictions.
PM Wong highlighted the new threats posed by digital transactions, virtual assets, and digital payment channels, which criminals exploit to move and hide illicit proceeds. He stressed the importance of international cooperation and praised FATF’s efforts in improving the interception of illicit funds, enhancing transparency of legal entities, and breaking down information silos.
He noted that while the global recovery rate of illicit funds has improved to 3% this year, more work is needed. PM Wong also mentioned Singapore’s initiatives, such as the Monetary Authority of Singapore’s platform for private financial institutions to share information securely and the Singapore Police Force’s Anti-Scam Centre.
PM Wong reaffirmed Singapore’s commitment to FATF’s standards, emphasizing the importance of effective national implementation. He highlighted Singapore’s efforts to tighten regulations, enhance transparency, and strengthen laws to combat money laundering and terrorism financing. He also announced the publication of Singapore’s first National Asset Recovery Strategy.
In conclusion, PM Wong expressed gratitude for Singapore’s two-year presidency of FATF and wished success to the incoming Mexican Presidency. He emphasized the need for continued international cooperation to address evolving financial threats and ensure the safety and integrity of the global financial system.
