FATF Has Declared War on Fraud. Not All Its Allies Can Afford to Fight

In this RUSI commentary, Georgia Jones welcomes the UK’s decision to put fraud at the centre of its FATF presidency, noting that no previous presidency has organised its agenda so explicitly around a single underlying crime. She points to estimates that global scams cost around $442 billion in 2025, with profits now comparable to the drugs trade.

Jones argues that many of the countries where scam operations are based lack the resources to respond, even though the financial intelligence units, reporting duties and central bank powers that FATF has spent decades promoting could be redirected towards fraud at relatively modest cost.

Her central recommendation is that FATF’s wealthier members should help fund other countries’ anti-fraud capacity. If the UK declares a war on fraud without equipping its allies, she warns, it risks getting only minimal compliance in return.

Article Credit: https://www.rusi.org/explore-our-research/publications/commentary/fatf-has-declared-war-fraud-not-all-its-allies-can-afford-fight