The FATF adopted a consolidated strategy which builds on existing work and reflects the latest developments on terrorist financing. The strategy notes the intensified global terrorist threats and sets out key policy objectives and the priority actions that the FATF and the global network will take to combat these threats. These include ensuring that there is a full understanding of the current terrorist financing threats, that the FATF Standards provide the full range of counter measures, and that countries are taking effective action against terrorist financing. The strategy sets objectives not only for the FATF as an organisation but also for individual countries. Cooperation and exchange of information - internationally, domestically between government authorities, with and within the private sector - is crucial to effectively combat terrorist financing. Just prior to the Plenary meeting, the FATF held two special meetings that informed the Consolidated FATF Strategy to Combatting Terrorist Financing as well as future work:
- A meeting with the private sector provided valuable insights into the operational aspects of terrorist financing. It involved a wide range of experts including from a full range of operational authorities and from the banking and money service business sectors. The experts exchanged views on how to identify terrorist financing, as well as on enhancing information exchange. Deeper knowledge of all aspects of terrorist financing will allow FATF to more accurately gauge whether its measures provide countries with the strongest possible tools to combat terrorist financing.
- A joint FATF-CIFG meeting brought together 55 states and multilateral organisations, including the United Nations, the Egmont Group of Financial Intelligence Units, the International Monetary Fund, the World Bank and other stakeholders to exchange information on current efforts to combat ISIL financing.