Quarles points to the FSB’s success in convening collective action around climate change concerns, through the TCFD. For another example of effective global coordinated effort, we might also look to the success of the Financial Action Task Force (FATF) in bringing together diverse actors with shared interest in preventing money laundering, terrorist financing, and proliferation financing.
“Today, more than 200 countries are committed to implementing the FATF’s Standards,” the organization’s President, T. Raja Kumar writes in another In Focus article appearing here. [See the In Focus Article Targeting the Money in the Fight Against Crime] “A country that can effectively implement the FATF standards is not just combating financial and other types of crime or simply achieving good mutual evaluation results,” Kumar reminds. “By doing so, countries individually and collectively protect the integrity and resilience of the global financial system, as well as their own societies.”
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