The United Kingdom, home of the global RegTech and financial crime compliance industry’s key policymakers, has assumed the Presidency of the Financial Action Task Force (FATF) for 2026 to 2028, pledging to rally international partnerships against the worldwide surge in fraud.
Incoming FATF president Giles Thomson intends to sharpen the watchdog’s response to the money that underpins criminal activity, terrorism and the spread of weapons of mass destruction, while promoting economies that are safer, more resilient and more inclusive.
Fraud featured as a significant proceeds-generating crime in almost 90% of the mutual evaluations carried out during the FATF’s last assessment cycle. In response, the UK term will push countries to make fuller use of the FATF toolkit, which covers asset freezing and seizure, halting suspicious transactions and improving intelligence exchange across borders.
To mark the opening day of its term, the UK is convening partners and stakeholders for the formal launch of the FATF’s 2026-2028 Roadmap on Combatting Fraud. The watchdog regards fraud as the fastest-growing and most substantial source of illicit finance in the world, powered by transnational organised crime groups and amplified by technologies including AI, virtual assets and online platforms.
With scam losses estimated at close to $500bn across 2024 and 2025, the FATF will also scrutinise the money trails linked to scam compounds and cross-border criminal networks.
The FATF is the intergovernmental body that sets global standards for tackling illicit finance, holding countries to account through evaluations designed to drive real reform.
Beyond fraud, the UK Presidency will champion a stronger risk-based approach to financial crime and supervision, encouraging authorities and firms to concentrate resources where threats are greatest and ease off where they are not. It will also seek better public-private, cross-border and private-to-private data sharing to keep up with the speed of illicit money movement. These goals support the FATF’s Strategic Priorities for 2026-2028, agreed by FATF Ministers in April 2026, alongside deeper cooperation with FATF-Style Regional Bodies to reinforce a coordinated Global Network.
FATF President Giles Thomson said: “Fraudsters and other criminals are scaling at speed by exploiting technological innovations, often targeting the most vulnerable in society, with severe and often life-threatening consequences. To keep our citizens safe around the world and protect economic growth, we need to match their pace with a united front across sectors and borders.”
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