FATF urges public-private collaboration to combat financial crime
Mumbai
The Financial Action Task Force (FATF) has underscored the importance of public-private collaboration in strengthening global defences against financial crime at the 2025 FATF Private Sector Collaborative Forum. The three-day event, hosted in Mumbai by the Reserve Bank of India (RBI) and the Ministry of Finance from March 25-27, brings together over 200 participants, including international banking groups, fintech firms, regulatory authorities, and civil society representatives.
FATF President Elisa de Anda Madrazo highlighted the private sector’s key role in tackling money laundering and terrorist financing, stating that public authorities and private entities must work as a unified team. RBI Governor Sanjay Malhotra emphasized innovation and financial inclusion alongside security, calling for a system that is both resilient and accessible.
The forum provides a platform to address critical financial security challenges. Discussions on the first day focused on payment transparency and revisions to FATF’s Recommendation 16, aimed at enhancing the safety and efficiency of cross-border payments. The second day centers on risk-based approaches and digital solutions to simplify compliance, with a consultation open until April 4, 2025. The final day will explore emerging threats in anti-money laundering and counter-terrorism financing, fostering coordinated solutions.
FATF also noted its engagement with private sector stakeholders in refining its standards, ensuring a balanced approach that enhances financial security while promoting accessibility and efficiency.