The heads of the Financial Action Task Force (FATF), Interpol, and United Nations Office on Drugs and Crime (UNODC) have called for the need to urgently step up efforts to target the huge illicit profits generated by transnational organised crime that facilitate conflicts, fund terrorism, and negatively impact vulnerable populations.
The issue was raised at a side event of the 33rd Commission on Crime Prevention and Criminal Justice in Vienna a few days ago. Heads of the three international organisations were of the view that disincentivising criminal activity through targeting illicit profits would also positively impact across all goals of the 2030 Sustainable Development Agenda, including financial stability, inclusive economic growth, and strengthened institutions and governance.
“Global financial integrity is critical for financial stability, inclusion, and for peace and security...it can only be achieved through the robust and effective implementation of money laundering and terrorist financing standards,” FATF President T. Raja Kumar said, speaking on the occasion. He said the FATF was committed to playing its part and stepping up its work on the cross-cutting activities which enabled all serious crime, especially the laundering of the proceeds of crime.
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