Financial Action Task Force begins UK presidency with 2026 to 2028 fraud roadmap and focus on risk-based supervision

The Financial Action Task Force has begun the United Kingdom presidency for 2026 to 2028, setting fraud as a central priority and launching its 2026 to 2028 Roadmap on Combatting Fraud. Under President Giles Thomson, the FATF said the presidency will focus on stronger international collaboration and partnerships to address illicit finance linked to crime, terrorism and proliferation financing, while stepping up the use of FATF measures to combat fraud. The agenda reflects the FATF’s assessment that fraud is the most significant and fastest-growing source of illicit finance globally, increasingly enabled by artificial intelligence, virtual assets and online platforms and driven by transnational organised criminal groups. Nearly 90% of assessments in the previous round of mutual evaluations identified fraud as a major proceeds-generating offence. The FATF said it will promote wider use of tools such as freezing and seizing assets, suspending fraudulent transactions and improving cross-border intelligence sharing, and will examine financial flows linked to scam compounds and transnational fraud networks against a backdrop of nearly USD 500 billion lost to scams in 2024 and 2025. Beyond fraud, the UK presidency will also prioritise stronger implementation of the risk-based approach and risk-based supervision so authorities, supervisors and private-sector actors can direct resources to higher-risk areas. It will also seek to improve public-private, cross-border and private-to-private information sharing, support the new round of evaluations against FATF standards agreed under the 2026 to 2028 strategic priorities, and continue closer cooperation with FATF-Style Regional Bodies.