Russia is seeking to influence the Financial Action Task Force. Its attempts reveal much about how risk perceptions are constructed in the global financial system.
It's concerning, but not at all surprising, that Russia has compromised FATF. From the Russian point of view, it would be irresponsible not to at least try. The question is, what is to be done about it?
Thanks for reading! And that is indeed the big question. Changing certain procedural rules at the FATF, such as those allowing regional organizations to decide which individuals/national experts carry out mutual evaluations, might help mitigate the risk of bias (or, at least, the appearance of bias). This, would, however, be politically charged. It would likely require a push from influential FATF members who may themselves be wary of any changes that would impact their own evaluations.
A valuable report. Thank you.
It's concerning, but not at all surprising, that Russia has compromised FATF. From the Russian point of view, it would be irresponsible not to at least try. The question is, what is to be done about it?
Thanks for reading! And that is indeed the big question. Changing certain procedural rules at the FATF, such as those allowing regional organizations to decide which individuals/national experts carry out mutual evaluations, might help mitigate the risk of bias (or, at least, the appearance of bias). This, would, however, be politically charged. It would likely require a push from influential FATF members who may themselves be wary of any changes that would impact their own evaluations.