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LATEST NEWS: 4 SEATS ON PCF

In February 2017, the Global NPO Coalition on FATF was offered four seats on the Financial Action Task Force’s (FATF) Private Sector Consultative Forum (PCF). This development signals a key victory in the Global Coalition’s advocacy with FATF, assuring that nonprofit organisations (NPOs) will now have a stronger voice in these important meetings (along with the transparency NPOs who already have two seats).

The PCF consists of representatives of the financial sector and other businesses and professions subject to anti-money-laundering and counter-terrorism-financing obligations as well as of civil society. These sectors play a key role in ensuring an effective implementation of FATF Recommendations.

FATF hosts an annual PCF meeting, which allows the multilateral body to ‘learn more about the private sector perspective of certain AML/CFT requirements, while the private sector can use this forum to raise issues with the FATF’.

Although the nonprofit sector secured a commitment from FATF to engage in regular dialogue two years ago, until now the sector has never been invited to formally participate in the PCF, despite the fact that these meetings regularly discuss issues directly impacting NPOs.

Over the next two years, those slots will be filled by Human Security Collective (HSC) as co-chair of the Global NPO Coalition on FATF, the European Center for Not-for-Profit Law (ECNL) on behalf of the ICNL Alliance, the European Foundation Centre (EFC) on behalf of the Worldwide Initiative for Grantmaker Support (WINGS), and the Norwegian Refugee Council as a representative of service delivery/humanitarian assistance organisations.

The next PCF will be held in Vienna between the 20th and 22nd of March, and will include one full day of workshops around NPOs. More details on this breakout session to follow soon.

Source: fatfplatform.org

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