FATF calls for public-private collaboration to combat financial crime at Mumbai forum

Over 200 participants discuss anti-money laundering & terrorism financing

The Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog highlighted the importance of public-private partnerships in strengthening global defences against financial crime at the 2025 Private Sector Collaborative Forum in Mumbai, which began on Tuesday with global financial and regulatory stakeholders.

Public-private collaboration is crucial in the fight against financial crime, the Financial Action Task Force (FATF) stated at the 2025 FATF Private Sector Collaborative Forum in Mumbai. The three-day event brings together financial institutions, regulators, and civil society to discuss global strategies against money laundering and terrorism financing.

In a press statement, the FATF said that the forum, which began on Tuesday in Mumbai and is hosted by the Reserve Bank of India and the Ministry of Finance, brings together a wide range of stakeholders to share their views on combating financial crime.

It adds that over 200 participants, including representatives from global banking groups, fintech firms, regulators and civil society, are engaging with public officials to discuss global trends in anti-money laundering and terrorism financing.

The statement adds that the three-day forum offers a platform for public and private sector stakeholders to exchange insights on key challenges and the way forward in combating financial crimes.

It adds that day one of the forum cantered on payment transparency, featuring a roundtable discussion on proposed revisions to FATF’s Recommendation 16. The revisions aim to enhance security while enabling faster and more inclusive cross-border transactions. Public consultation on these revisions remains open until April 18.

FATF says that the forum will discuss new initiatives to balance payment transparency with data protection and privacy, emphasising close cooperation between public authorities and the private sector.

It adds that the second day will focus on the risk-based approach and financial inclusion, following FATF’s recent revisions to support simplified due diligence in low-risk cases. These changes were shaped through consultations with over 140 stakeholders, including banks, non-profits, payment providers, insurers and legal experts.

The statement adds that on day two, participants are discussing challenges in implementing a risk-based approach and the role of digital tools in addressing them. A consultation on new guidance, emphasising proportionality and simplified measures, is open until April 4, 2025. The afternoon roundtable focuses on financial access for humanitarian aid, reflecting recent FATF standard changes supporting non-profits.

It adds that the final day will focus on emerging risks in anti-money laundering and terrorism financing, with discussions aimed at developing coordinated solutions through a collaborative approach.

“Without the private sector, the FATF mandate to tackle money laundering and the financing of terrorism and proliferation could not be achieved. The private sector is at the forefront of the fight against financial crimes. In this fight, public authorities and private sector play on the same team,” says Elisa de Anda Madrazo, President, FATF.

“Together, let us continue to collaborate and innovate in building a financial ecosystem that is not only safe and secure but also fast, convenient, accessible and affordable. Let us build financial systems that not only thwart the attempts of money laundering, terror financing and proliferation financing, but also support financial inclusion, encourage innovation, and facilitate economic growth,” says  Sanjay Malhotra, Governor, RBI.