The Financial Action Task Force (FATF) has issued its Annual Report for 2023-2024, outlining key developments in its fight against financial crime. Under the Singapore Presidency of T. Raja Kumar, FATF has made significant progress in strengthening global compliance, beneficial ownership transparency, and asset recovery, while addressing emerging threats such as cyber-enabled fraud, misuse of crowdfunding for terrorism financing, and corruption linked to citizenship and residency programs.

The report also highlights FATF’s amendments to standards for Non-Profit Organisations (NPOs), enhanced collaboration with regional bodies, and a new focus on gender inclusivity within its Global Network. Additionally, FATF has taken a stronger stance on virtual assets, publishing a list of jurisdictions with major Virtual Asset Service Provider (VASP) activity.

For more details, access the full report here