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  • News article
  • 13 September 2024
  • Directorate-General for Financial Stability, Financial Services and Capital Markets Union
  • 1 min read

Anti-money laundering: EU hosts meeting of the Africa Joint Group of the Financial Action Task Force

The European Union hosted the Africa Joint Group of the Financial Action Task Force (FATF) in Brussels from 2 to 12 September 2024. The Africa Joint Group is one of the four divisions of the FATF International Cooperation and Review Group, in which progress of jurisdictions with strategic deficiencies regarding anti-money laundering and countering the financing of terrorism (AML/CFT) is examined. Ahead of every FATF Plenary, three times per year, jurisdictions under review have the opportunity to participate in a face-to-face meeting in the Joint Group responsible for their geographical region to discuss their progress.

The European Union recognises the fight against money laundering and financing of terrorism as a priority both to ensure the security of its citizens and to preserve the integrity of the international financial system. The key elements in this process are effective anti-money laundering and countering the financing of terrorism policies, in line with international standards such as those set by the FATF. As part of this effort, the EU also provides technical assistance worldwide to a wide range of countries, including in Africa, which have requested such assistance under the Global Facility on AML/CFT.

In July 2021, the European Commission renewed its efforts to further strengthen its AML/CFT framework through an ambitious package of legislative proposals, which aimed to deliver a more robust and consistent set of anti-money laundering and countering the financing of terrorism rules at EU level. At the beginning of the year, the co-legislators reached a political agreement on the final parts of the package, which was published in the Official Journal of the European Union in June 2024.

The European Union, as a founding member of the FATF, remains committed to the fight against money laundering and terrorist financing, both within its borders and beyond.

The meeting was hosted by the European Commission (Financial Stability, Financial Services and Capital Markets Union – DG FISMA), in close coordination with the European External Action Service, with the financial support of the Service for Foreign Policy Instruments.

Anti-money laundering and countering the financing of terrorism