Financial Regulatory Authority designates former head of Singapore's gambling enforcers as new leader
Revised Article:
Posted on: March 9, 2022, 10:28h.
Last updated on: March 9, 2022, 11:49h.
Stepping Into the Hot Seat: A New FATF Leader Sets Sail
Just a stone's throw from the gaming tables of Asia-Pacific, the Financial Action Task Force (FATF) has chosen its next commander-in-chief. Sailing smoothly into the global financial doghouse, a seasoned veteran from the casino sector is now captain at the helm.
Swapping seats, Marcus Pleyer has seen his tenure as FATF president come to an end. Every two years, the worldwide financial watchdog elects a new leader to keep a watchful eye on anti-money-laundering (AML) measures worldwide. Say hello to a fresh face with casino roots; he's stepping onto the deck.
Enter Raja Kumar, former head of Singapore's Casino Regulatory Authority (CRA). The FATF made the shocking announcement earlier this week, following a decision made last Friday. This marks the very first time that Singapore takes the reins of the organization.
Raja boasts an exceptional résumé, having led Singapore's CRA from 2008 to 2011, according to Singaporean officials. In this role, he championed the country's updated casino regulatory framework and graced the Association of Gaming Regulators on numerous occasions.
Passing the Torch at FATF
Apart from his casino adventures, Raja served as a deputy commissioner with Singapore's Police Force, where he managed policy implementation. Currently, he holds the position as Singapore's delegate to the FATF, as well as a member of a dynamic committee that works alongside Pleyer.
In the words of Singapore's Minister for Home Affairs and Law K Shanmugam, "Raja's skills, international experience, and work as a senior public sector leader, navigating a diverse and multicultural environment across a myriad of disciplines, will prove invaluable to steer an international organization such as the FATF."
Since 2015, Raja has served as the co-chairman of Singapore's National Interagency Committee on Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT). He's played a crucial role in ensuring Singapore maintains FATF's approval, having been a part of the regulatory body since 1992.
FATF Keeps the Heat on AML Policies
Established by G-6 nations in 1989, the FATF has grown to encompass over 200 countries. While its influence doesn't permit direct mandates, it sets the industry standard for AML procedures and tackles the activities behind the development, transportation, and trade of weapons of mass destruction.
Recently, FATF shined its spotlight on the Philippines and several other countries. However, it decided that no longer requires monitoring for Zimbabwe, a country that has often been under scrutiny.
The transition of power happens every two years, with the term running from July 1 to June 31. In the past, the term lasted only one year. The FATF members elect the new president during the annual plenary meeting.
The vice presidency, on the other hand, operates differently. Its term spans three years, with the starting date identical to that of the presidency. Elisa de Anda Madrazo of Mexico currently holds the vice presidency, and her reign ends in June of 2023.
Enrichment Data:
- New FATF Leader: Raja Kumar (Singapore)
- Term: Starts July 2022 – Ends June 2024
- Notable: First Singaporean to hold the position
- Background: Casinos, AML/CFT, multicultural experience
- Casino Industry Background: Previous head of Singapore's Casino Regulatory Authority (CRA)
- Raja Kumar, the former head of Singapore's Casino Regulatory Authority, will implement policies as the new president of the Financial Action Task Force (FATF), a role he's stepping into after serving as Singapore's delegate to the organization.
- Previously serving as a deputy commissioner with Singapore's Police Force, Raja Kumar brings extensive experience in policy management to his position as the new FATF president, which he'll hold from July 2022 to June 2024.
- As the first Singaporean to hold the FATF presidency, Raja Kumar's skills and international experience navigating diverse environments across various disciplines, including his casino industry background, will be instrumental in steering the financial watchdog's anti-money-laundering and countering financing of terrorism efforts.
