IFAC Supports Global Anti-Money Laundering Watchdog’s Efforts to Improve Financial Inclusion

Today, IFAC submitted a response to the Financial Action Task Force’s (FATF) Public Consultation on Financial Inclusion.  The Consultation proposes targeted changes to the FATF Recommendations—which establish the global framework for anti-money laundering (AML) and counter terrorist financing (CFT)—to support financial inclusion by minimizing “overcompliance” with the FATF Recommendations.  IFAC strongly supports the proposed changes and the important public interest goal underlying them. 

This marks the first time where IFAC, in responding to a FATF Consultation, did so with the input and assistance of the IFAC AML Community of Practice (IFAC AML CoP).  The IFAC AML CoP brings together AML leads from 28 IFAC member bodies in 25 jurisdictions around the world.  By connecting and uniting our members through the IFAC AML CoP, we support a collective voice on anti-money laundering issues on behalf of the global accountancy profession.