Financial Action Task Force (FATF)
Climate Impact & Sustainability Data (2023)
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Anti-Money Laundering (AML)
- Combating the Financing of Terrorism (CFT)
Governance Achievements
- Developed and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction.
Climate Goals & Targets
Environmental Challenges
- Difficulties in tracing the origin of cultural objects
- A history of privacy and use of third-party intermediaries in the sector
- Inadequate measures, or none at all, to identify and verify customers
- A low number of suspicious transaction reports filed with Financial Intelligence Units
- A lack of prioritisation of investigations in this area
- Limited resources, awareness and expertise by operational authorities
- Difficulties with cross-border investigations
Mitigation Strategies
- Established specialised units and investigative training programs focused on the art, antiquities or cultural objects markets
- Developed relevant databases and promoted cooperation with experts and archaeologists to help trace, identify, investigate and repatriate cultural objects
- Regulatory action to mitigate the money laundering and terrorist financing risks
- Public-private information sharing
- Creation of cross-disciplinary networks of experts
- Enhanced domestic and international information sharing
- Working with museums to manage seized artworks and antiquities