Interpol, UNODC, FATF Urge Countries to Strengthen Anti-money Laundering Measures

Ndubuisi Francis in Abuja

The International Police Organisation (Interpol), the United Nations Office on Drugs and Crime (UNODC) and the Financial Action Task Force (FATF) have raised the alarm on the danger of organised crime to the integrity of the global financial system, and urged countries to step up Anti-Money Laundering (AML) measures to combat transnational crime.

Leaders of the three global bodies made the call at the 33rd UN Commission on Crime Prevention and Criminal Justice event in Vienna, Austria.

High-level participants at the event with the theme, “Taking the Profits out of Crime: Accelerating the Effective Implementation of Anti- Money Laundering and Countering the Financing of Terrorism Standards Globally,” discussed capacity building, the effective implementation of the risk-based approach, multi-sectoral partnerships, and technology as the key accelerators to boost effectiveness in the global fight against financial crime.

Interpol is an international organisation that facilitates worldwide police cooperation and crime control while UNODC is the UN agency that focuses on tackling the trafficking and abuse of illicit drugs, crime prevention and criminal justice, international terrorism, and political corruption.

FATF is an independent inter-governmental body which helps develop and promote policies to protect the global financial system against money laundering, terrorism financing, and other facets of corruption.

According to the three organisations, money laundering and terrorism financing were, “fuelling instability, violence, and exploitation worldwide.”

In a move described as unprecedented, the global agencies’ leaders, explained that their call for action was necessary for countries to target the ‘huge’ illicit profits generated by transnational organised crimes, adding that, “these profits facilitate conflicts, fund terrorism, and negatively impact vulnerable populations.”

Their call for countries to strengthen AML measures was coming at a time Nigeria was still under FAFT grey list for some lapses in its AML/CFT measures.

FATF had in February 2023 placed Nigeria and South Africa on its grey list. FATF’s grey list, which is issued three times a year, includes countries in which there are major issues with AML/CFT legislations and regulations.

The three anti-financial crimes leaders stated that by introducing tougher AML measures, countries could, “more effectively combat and disrupt organised crime networks and enhance the effectiveness of crime prevention efforts.”

They suggested enhancements to FATF’s international standards on AML and terrorism financing.

The FATF in particular mentioned its previous suggestions on enhancing measures around asset recovery.

They also called for, “accelerated progress on policy reforms and capacity building ahead of the UN 2026 Crime Congress, to be hosted by the United Arab Emirates.”

Of particular importance, they noted, was that, “greater support is still required for countries struggling to implement effective anti-money laundering and terrorist financing frameworks.”

Countries such as Croatia, Lithuania and Cyprus are among those which have received improved ratings after stepping up efforts to meet FATF recommendations on AML measures.

According to FATF President, Raja Kumar, global financial integrity was, “critical for financial stability, inclusion, and for peace and security.”

He said: “We must seize the initiative and collectively implement asset recovery to cut off the lifeblood of criminal enterprise – their money and their assets.”

Interpol Secretary General, Jürgen Stock said: “Just as criminals will trade any commodity to generate profits, every avenue must be followed to deprive them of these illicit gains.

“Choking off the illegal revenue streams is essential in promoting rule of law and protecting vulnerable communities. Action across all sectors and at the global level is needed now, and INTERPOL stands ready to provide whatever support necessary.”

UNODC Executive Director, Ghada Waly said that money laundering and terrorism financing were “fuelling instability, violence, and exploitation worldwide. Safeguarding financial integrity is vital to promoting peace and security.”

At the Vienna event, recognition was given towards the positive impact member states increasingly working with the private sector and civil society to implement joint approaches to fighting financial crime.

 Operational work through public-private partnerships and task forces is accelerating and increasing the effectiveness of global implementation efforts.

The FATF added that the three organisations would continue their calls for more AML action at a country level, “through the 2026 Crime Congress” to be hosted by the United Arab Emirates.

While the three leaders highlighted recent enhancements to FATF’s international standards on anti-money laundering and terrorism financing, they also called for accelerated progress on policy reforms and capacity building ahead of the UN 2026 Crime Congress, to be hosted by the United Arab Emirates.