Remarks by Secretary of the Treasury Janet L. Yellen at the 2024 Financial Action Task Force Ministerial

WASHINGTON – Today, Ministers representing the 40 members of the Financial Action Task Force (FATF) met in Washington and reaffirmed the FATF’s role in protecting the global financial system from illicit activity. Ministers committed the FATF to taking further action to combat terrorist financing and endorsed additional work to prevent sanctions evasion related to proliferation finance. Ministers also agreed to continue efforts to strengthen the legal and operational frameworks for financial transparency and asset recovery to combat systemic corruption and seize illicit proceeds. Finally, the Ministers agreed to increase resources for the FATF to support the upcoming round of mutual evaluations.The Ministers also reiterated their position that the Russian Federation’s ongoing, illegal, unprovoked, and unjustified invasion of Ukraine runs counter to the FATF’s core principles and represents a gross violation FATF Standards and Ministerial commitments.