How can the global anti-financial-crime system become more inclusive, proportionate and effective in delivering meaningful results?

Few institutions have as much influence over the global response to money laundering and terrorist financing as the Financial Action Task Force (FATF). But the value of its standards ultimately depends on whether they produce meaningful change.

In this episode of the Suspicious Transaction Report, host Tom Keatinge is joined by Elisa de Anda Madrazo, who has just completed her two-year term as FATF President, having previously served as its Vice-President.

Reflecting on her presidency, Elisa discusses the transition to a more demanding round of country evaluations, the importance of prioritising effectiveness over formal compliance, and why financial inclusion and financial integrity must reinforce one another.

The conversation also examines the unintended consequences and misuse of FATF standards, the need to listen to regional bodies and lower-capacity jurisdictions, and the continuing challenge of turning international cooperation into successful asset recovery.

Looking ahead, Elisa argues that the FATF must remain humble, resist the instinct to equate improvement with greater complexity, and demonstrate its impact through practical outcomes: more crime prevented, more criminal assets recovered, and more money returned to victims.

Further reading from the Centre for Finance and Security at RUSI:

UK FATF Mutual Evaluation Taskforce: Second Meeting Report

FATF Greylisting and Financial Inclusion

Recording: FATF Greylisting and Financial Inclusion

Recording: Women in Anti-Financial Crime: Inspiring the Next Generation