Thirty years ago, the Financial Action Task Force (FATF) adopted the initial text of its Forty Recommendations on anti-money laundering (AML). These standards have since been expanded to counter-terrorist financing (CFT) and proliferation financing (PF) and adopted by more than 200 jurisdictions. This anniversary is accompanied by a number of projects relating to potential changes to the standards.
This working paper was drafted to meet the 31 August 2020 deadline of the Task Force’s public consultation process on the extension of the risk-based approach to proliferation financing. It is a personal paper that begins to map some of the developments in my own thinking, to the extent that it is relevant to this area.
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Louis de Koker is a professor of Law at La Trobe University and a recognized global expert on measures to combat economic crime and their impact on financial inclusion. Louis has advised on a range of laws and regulations and worked with the Consultative Group to Assist the Poor, the World Bank, the Alliance for Financial Inclusion, regulators, and financial service providers on related matters. Louis’s research on integrity laws and their impact has been cited by the Financial Action Task Force (FATF), the Basel Committee on Banking Supervision, the World Bank, and the IMF. He was a member of a World Bank team that researched financial crime controls relating to mobile money, the core team that designed the World Bank tool for national money laundering risk assessment, and, among others, the FATF project group that drafted guidance on aligning financial inclusion and financial integrity.