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Raja Kumar from Singapore Will Be FATF’s New President

/ 2022-03-10

Last week throughout its plenary, the Financial Action Task Force (FATF) revealed that it officially determined to select as its brand-new head of state.

The FATF Announces Details Regarding Its New President

The Paris-based international cash laundering and also terrorist funding guard dog exposed that it determined to assign T. Raja Kumar from Singapore as its brand-new head of state. The FATF chooses a brand-new leader every 2 years. Marcus Pleyer was picked to lead the FATF in July 2020. He will certainly maintain his setting till July 1, 2022. Mr. Kumar will certainly take over the placement as the guard dog’s following head of state. This notes the very first time Singapore was picked to lead the FATF. It was back in 1992 when the nation signed up with the company. Currently, the guard dog’s brand-new head of state will certainly offer for a set two-year term.

The choice to designate Kumar comes complying with a detailed procedure led by the guard dog’s present head of state in partnership with FATF participant nations. Numerous certified prospects were thought about throughout numerous examinations. As an outcome of the intricate procedure, recently, the FATF Plenary introduced its choice to choose Kumar.

Raja Kumar Brings Significant Experience

It’s not a surprise that the FATF chose to choose Kumar as its brand-new head of state. In between April 2008 and also June 2011, he was leading Singapore’s Casino Regulatory Authority. Kumar has actually headed the nation’s initiatives versus cash laundering and also terrorist funding.

The Casino Regulatory Authority, he has actually been an energetic participant of a guiding team, giving essential advice to FATF’s head of state considering that July 2018. Kumar has actually belonged of Singapore’s delegation to the FATF as a head given that January 2015. What is even more, he is an elderly worldwide expert at the Ministry of Home Affairs in the nation.

The statement comes with a time when just recently, the FATF launched its newest record pertaining to territories that are under enhanced tracking. The guard dog advised the Philippines to proceed reinforcing their anti-money laundering and also counter terrorist funding initiatives. Keeping that in mind, the nation has actually stayed a component of FATF’s grey listing.

Singapore Supports FATF’s Work

In a current declaration, Singapore’s preacher of residence events as well as regulation, Mr. K. Shanmugam, praised Kumar for coming to be the initial Singaporean to lead the FATF. He discussed that Kumar has considerable worldwide experience. To conclude, Shanmugam stated that Kumar is a tested public field leader that has actually run in multi-cultural as well as multi-ethnic settings.

Singapore highly sustains the superior job of the FATF in developing as well as applying international requirements to fight cash laundering as well as terrorism funding.

Lawrence Wong, preacher of money in Singapore

Singapore’s priest of financing, Lawrence Wong, included that Kumar has actually been a lengthy advocate of the FATF’s job. Wong discussed that Kumar has substantial experience in the industry that will certainly assist him “successfully lead the FATF’s goal in the years in advance.”