The Financial Action Task Force (FATF) has chosen its next leader. In to a lesser extent than foursome months, the former head word of Singapore’s Casino Regulatory Authority testament make controller of the planetary financial watchdog.
Since July 2020, Marcus Pleyer has been the chairman of the FATF. The planetary financial guard dog that monitors anti-money-laundering (AML) measures around the humankind chooses a new leader every two years. It’s time for someone new to come in in, and someone with ties to the gambling casino industry is taking over.
T genus Raja Kumar, who was at one time the chief executive director of Singapore’s Casino Regulatory Authority (CRA), testament come after Pleyer. The FATF made the declaration this calendar week after finalizing its decision lowest Friday. Raja’s assignment is the first of all clip Singapore Island will direct the agency.
Changing of the Guard at the FATF
Raja served as the chief of Singapore’s CRA from April 2008 to June 2011, according to an promulgation past Republic of Singapore officials. He was responsible for leading the development of the country’s updated regulatory structure for casinos, and was a regular feature article in the Association of Gaming Regulators.
In add-on to his do work with the CRA, Raja was previously a lieutenant commissioner with the Republic of Singapore Police Force, where he oversaw insurance policy implementation. He is now the country’s depute to the FATF, as fountainhead as a fellow member of a guidance commission that workings straight with Pleyer.
Raja’s capabilities, international experience, and process as a senior public sector leader, operating in a multi-ethnic and multicultural environment crosswise a range of mountains of disciplines, will come inward utile to direct an international organisation such as the FATF,” states Republic of Singapore Minister for Home Affairs and Law cat valium Shanmugam.
Raja has been the cochairman of Singapore’s National Interagency Committee on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) since 2015. He’s partially responsible for helping the state get under one's skin on the FATF’s ripe side. Singapore Island first-class honours degree united the regulatory personify inwards 1992.
FATF Continues to Stress AML Policies
G-6 countries created the FATF in 1989. Since then, o'er 200 countries hold in agreement(p) to fall out its policies. The bureau doesn’t have unmediated contain to purchase order changes, but it sets the de facto measure for Anti Money-Laundering (AML) procedures. It also works to hold funding used for the development, transport, and cut-rate sale of weapons of mass destruction.
Recently, the FATF highlighted problems inwards the Philippines and several other countries. However, it dictated that it no yearner needed to monitor Zimbabwe, a rural area that has routinely been a target.
The office changes its presidency every deuce years, with the full term running from July 1 to June 31. Until 2019, the full term was only when 1 year. FATF members influence the unexampled chairwoman during the one-year plenary meeting.
The vice presidentship workings a minuscule differently. The term is triplet years, although the start up escort is the same as that of the presidency. Elisa de Anda Madrazo of Mexico is the group’s VP, and her full term ends inward June of next year.