FATF Calls for Stronger Data Sharing Between Banks, Crypto Firms and Governments to Combat Financial Crime

According to the Financial Action Task Force (FATF), the global anti-money laundering standard setter released a new report calling for closer information sharing between governments, banks, virtual asset service providers and other private-sector firms to combat increasingly sophisticated cross-border financial crime.

The report, titled "Information Sharing to Combat Illicit Finance: Global Overview of Public and Private Sector Partnerships and Data Protection Arrangements," identified at least 84 active public-private partnerships across 51 jurisdictions. Approximately 58% of these arrangements operate under formal governance structures supported by legislation or secure communication platforms. The FATF noted that public-private partnerships have become one of the most effective tools for detecting money laundering, terrorist financing and fraud, with real-world outcomes including Singapore's Project FRONTIER+, which led to over 2,100 arrests, the freezing of 36,000+ bank accounts and the seizure of approximately S$28.2 million.