Categories: AppointmentsCurrent Affairs

Elisa de Anda Madrazo Assumes FATF Presidency for 2024-2026

Elisa de Anda Madrazo of Mexico has assumed the presidency of the Financial Action Task Force (FATF) for a two-year term from July 2024 to June 2026. This transition marks a significant moment for the global financial watchdog, as Madrazo brings a fresh perspective aimed at strengthening efforts to combat financial crimes and terrorism financing.

Commitment to Core Principles

Madrazo’s presidency is rooted in a strong commitment to inclusiveness, diversity, and transparency. These principles will guide the FATF’s work on governance, standards, and stakeholder engagement, reflecting a dedication to representing the global community’s diverse perspectives and realities.

Key Priorities for 2024-2026

1. Promoting Risk-Based Implementation

A primary focus will be promoting the risk-based implementation of FATF Standards under the principle of proportionality. This approach is crucial for advancing financial inclusion, addressing the risks associated with limited access to formal financial services.

2. Revamping Assessment Processes

Madrazo aims to ensure a successful start to the new round of FATF Assessments. This cycle is designed to be:

Notably shorter than previous ones
Focused on major risks and country-specific contexts
Emphasizing effectiveness in evaluations

3. Strengthening Global Network Cohesion

The presidency will work on fostering transparency and inclusiveness among FATF members, associate members, and partners. This effort aims to create a more unified front against global financial crimes.

4. Implementing Revised Standards

Special attention will be given to supporting the effective implementation of revised FATF Standards, particularly in areas such as:

Asset recovery
Beneficial ownership
Virtual assets

5. Enhancing Understanding of Risks

Continued efforts will be made to increase and update the understanding of terrorist financing and proliferation risks, with the goal of developing more effective prevention and combat strategies.

Stakeholder Engagement and Collaboration

Madrazo’s presidency emphasizes enhancing FATF’s communication with stakeholders and working collaboratively with all members, associate members, and partners. This approach aims to reflect the diverse perspectives within the global community and strengthen the organization’s impact.

Endorsement and Support

The FATF Global Network has endorsed and welcomed these priorities at the June 2024 Plenary, signaling strong support for Madrazo’s vision and leadership.

This comprehensive approach under Madrazo’s presidency aims to adapt the FATF to evolving financial landscapes while maintaining its core mission of preventing financial crimes and promoting global financial integrity.

Important Takeaways for all competitive exams:

FATF Founded: July 1989;
FATF Headquarters: Paris, France.

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.