Washington DC, April 18 -- Ministers from across the globe have reiterated their commitment to tackling illicit finance through coordinated multilateral action under the Financial Action Task Force (FATF), agreeing to focus in particular efforts on the growing threat of fraud and strengthening an effective risk-based implementation of the FATF Standards, an official statement from FATF read.

At the biennial FATF Ministerial Meeting, held on the sidelines of the International Monetary Fund-World Bank Spring Meetings, Ministers highlighted the harm to societies fuelled by illicit finance. They said such activities undermine national and global security, weaken institutions, and hinder economic growth and sustainable development.

Ministers...