The United Kingdom, the new head of the global illicit finance watchdog, has assumed the Presidency of the Financial Action Task Force (FATF) for 2026 to 2028, pledging to rally international collaboration against crime and a worldwide surge in fraud.
Incoming FATF president Giles Thomson intends to sharpen the body’s fight against the money flows behind crime, terrorism and the spread of weapons of mass destruction, while championing economies that are safer, more resilient and more inclusive. Fraud sits at the centre of the agenda, having been flagged as a major proceeds-generating offence in nearly 90% of assessments during the FATF’s last round of mutual evaluations. The UK Presidency will therefore push countries to make greater use of the FATF toolkit, which offers measures such as asset freezing and seizure, halting fraudulent transactions and improving intelligence sharing across borders.
To mark the opening day of its term, the UK is convening partners and stakeholders for the official launch of the FATF’s 2026-2028 Roadmap on Combatting Fraud. The watchdog regards fraud as the fastest-growing and most significant source of illicit finance worldwide, powered increasingly by digital tools including artificial intelligence, virtual assets and online platforms, and orchestrated by transnational organised crime groups operating at scale. With scams estimated to have cost nearly $500bn during 2024-2025, the FATF will probe the money trails surrounding scam compounds and the criminal networks behind them.
The FATF is the intergovernmental body responsible for setting global standards to combat money laundering, terrorist financing and proliferation financing, holding countries to account through mutual evaluations.
Beyond fraud, the UK term will drive stronger implementation of the risk-based approach to financial crime and risk-based supervision, so that authorities, supervisors and private firms concentrate resources where threats are greatest and ease off where risks are lower. It will also seek deeper public-private, cross-border and private-to-private information sharing to match the speed at which dirty money crosses institutions and jurisdictions. These goals align with the FATF’s Strategic Priorities for 2026-2028, agreed by FATF Ministers in April 2026, including delivery of a fresh round of country evaluations designed to drive real reform. The body will additionally deepen ties with FATF-Style Regional Bodies to reinforce an inclusive, coordinated Global Network against illicit finance threats.
FATF president Giles Thomson said: “Fraudsters and other criminals are scaling at speed by exploiting technological innovations, often targeting the most vulnerable in society, with severe and often life-threatening consequences. To keep our citizens safe around the world and protect economic growth, we need to match their pace with a united front across sectors and borders.”
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