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T Raja Kumar named President of the Financial Action Task Force

T Raja Kumar, a Singaporean, has been named president of the Financial Action Task Force (FATF), the world’s anti-money laundering and anti-terrorism financing agency. His appointment is for a set two-year term, which begins on July 1. During the FATF plenary, he was chosen to succeed Dr Marcus Pleyer of Germany.

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KEY POINTS:

  • Mr Raja’s nomination marks the first time Singapore has assumed the president of the organisation, according to a joint news release issued by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS) on March 7.
  • Mr Raja is a senior advisor at MHA and has been the leader of Singapore’s FATF mission since January 1, 2015. Since July 2018, he has also been a member of the steering group, which advises the FATF president.
  • The FATF is an intergovernmental organisation set up by the G7 in 1989 to prevent and combat money laundering, terrorism, and proliferation finance.
  • “The FATF also reviews and supervises member jurisdictions to ensure that they fully and effectively apply the FATF standards,” MHA, MOF, and MAS noted.
  • Since 1992, Singapore has been a member of the organisation. Mr Raja has played a key role in directing Singapore’s efforts to combat money laundering and terrorism financing, according to the MHA, MOF, and MAS.
  • Since January 2015, he has led Singapore’s efforts to satisfy FATF Standards as co-chairman of the National Interagency Committee on Anti-Money Laundering and Countering Financing of Terrorism.

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