Effectiveness

Led by John Cusack, taking over from Sir Rob Wainwright, this group focuses on the effectiveness of measures to fight financial crime. 

About Us

The effectiveness working group and sub-groups work to consider whether the fight against financial crime, including money laundering is “effective,” what it means or should mean to be “effective,” and how to measure effectiveness, both overall in terms of aggregated outcomes and at the level of the most important stakeholder groups. 

These groups include the public sector (FIU’s and Law Enforcement) and (Supervisors) the private sector (Financial Institutions).  

 

There are five main goals of the working group:

  • First, how to improve the effectiveness of the FATF Mutual Evaluation Process
  • Second, to make recommendations about potential reforms that might improve the effectiveness of the financial crime framework in a way that engages all ecosystem stakeholders in a collaborative framework to fight financial crime in an increasingly digital age.
  • Third, exploring the role of supervisors in assessing effectiveness alongside regulatory compliance and adapting their examination approaches accordingly as well as considering how to improve supervisory expertise and capabilities.
  • Fourth, establishing a Financial Institutions group to consider and evaluate their contribution to raising effective public sector measures, including monitoring, international coordination, national threat assessment, and strategic law enforcement.
  • Fifth, consider cross-cutting issues such as the overall purpose and what comes next in case effectiveness does not appreciably improve. 

 

Effectiveness Expert Working sub-groups continue to meet.  In particular, the regulators sub-group have developed two draft papers on how to improve effectiveness of regulators. The next phase is to consult with other Coalition groups to receive feedback, in particular with the FIU sub-group and the FI sub-group. A new area of focus for a group of experts has been to focus on the overall purpose of fighting financial crime to establish whether this is indeed clear and or whether agencies agree and or whether gaps exist which need to be addressed.

 

Another area is the consideration of what should happen after the FATF 5th round of country evaluations is complete and whether effectiveness is yet at levels commensurate with the threat and the effort and whether alternatives exist.

Chair

Chair - John Cusack

John Cusack is the first Chair of the Coalition, having been elected by Members in October 2020. He was previously Global MLRO at UBS and Standard Chartered Bank and two-time Co-Chair of the Wolfsberg Group. He is an adviser to a number of financial institutions and RegTech providers, and engages with NGOs combating wildlife and human trafficking. 

Previous Chair - Sir Rob Wainwright

Sir Rob Wainwright is currently the Group Chief Security Officer of UBS. Before this, he was a partner of Deloitte, advising Boards and senior executives of global companies on cyber, financial crime, and other areas of risk, and data issues. Sir Rob Wainwright is the former Executive Director of Europol and pioneered the use of data and technology to drive a better response across Europe to cybercrime, terrorism and other major threats. He was knighted by The Queen in 2018 for services to policing and security. He chaired the group from 2020 – 2023.

Events

There are currently no events specific to this group. To see the list of all upcoming and previous events, please go to the Articles and Events page