The Financial Action Task Force (FATF) has appointed Giles Thomson of the United Kingdom as its next President for a two-year term beginning 1 July 2026. Thomson, who currently serves as Director for Economic Crime and Sanctions at HM Treasury, will succeed Elisa de Anda Madrazo of Mexico. He becomes the first UK national to hold the FATF Presidency since the position was extended to a two-year term in 2019.
What Is the Financial Action Task Force?
The Financial Action Task Force (FATF) is an independent intergovernmental body that sets global standards to combat money laundering, terrorist financing, and the financing of proliferation of weapons of mass destruction. It was established in 1989 during the G7 Summit in Paris in response to growing concerns about money laundering. In 2001, following the September 11 terror attacks, its mandate was expanded to include countering terrorist financing.
FATF’s Mandate and Functions
The FATF has 40 member countries (39 jurisdictions plus the European Commission) and is headquartered at the OECD in Paris, France. Over 200 jurisdictions worldwide have committed to implementing FATF Standards through the global network of FATF and nine FATF-Style Regional Bodies (FSRBs). India became a member of the FATF in June 2010 as its 34th member.
The body operates through a Plenary (its governing body) that meets three times a year in February, June, and October. The FATF President chairs the Plenary and the Steering Group, represents the organization externally, and serves as its principal spokesperson. The President is appointed by the Plenary from among its members for a fixed two-year term starting on 1 July.
The FATF Recommendations and Lists
The FATF 40 Recommendations form the international standard for anti-money laundering (AML) and counter-terrorist financing (CFT) measures. These were first issued in 1990 and have been revised periodically, most recently in 2012.
The FATF identifies countries with weak AML/CFT frameworks through two public documents:
| List | Official Name | Purpose | Current Countries |
|---|---|---|---|
| Grey List | Jurisdictions Under Increased Monitoring | Countries actively working with FATF to address strategic deficiencies within agreed timelines | 22 jurisdictions (as of June 2026) |
| Black List | High-Risk Jurisdictions Subject to a Call for Action | Countries with serious strategic deficiencies requiring countermeasures | Iran, North Korea, Myanmar |
Giles Thomson: The New FATF President
Giles Thomson is a senior British civil servant who currently serves as Director for Economic Crime and Sanctions at HM Treasury, the UK’s finance and economic ministry. His appointment as FATF President was confirmed during the FATF Plenary meeting in February 2026 and endorsed at the final Plenary under the Mexican Presidency in June 2026.
Background and Experience
Thomson has been the UK Head of Delegation to the FATF since 2016 and led the UK’s 2018 Mutual Evaluation process. He served as co-chair of FATF’s Global Network Coordination Group from 2021 to 2025 before being appointed FATF Vice-President on 1 July 2025. In his role at HM Treasury, he oversees the Office for Financial Sanctions Implementation (OFSI), the UK’s competent authority for financial sanctions enforcement, and is responsible for the country’s AML/CTF policy framework.
With over 20 years in the UK civil service, Thomson has worked across multiple departments including HM Treasury and the Foreign, Commonwealth and Development Office. He previously led the UK’s South Asia Department at the Foreign Office and served as a policy adviser on international poverty reduction and EU economic affairs. He holds a Bachelor of Arts and a Master’s degree in International Relations from Oxford University.
Priorities for the UK Presidency (2026-2028)
During the June 2026 Plenary, Thomson presented the strategic priorities for the UK Presidency, aligned with the FATF Ministerial Declaration agreed in Washington, DC. The three focus areas are:
- Stepping up the international response to fraud, including the money laundering and terrorist financing risks linked to scam compounds operating across borders
- Strengthening implementation of the risk-based approach and risk-based supervision to ensure that AML/CFT measures are proportionate and effective
- Enhancing information sharing and public-private partnerships to improve detection and prevention of illicit financial flows
Leadership Transition at the FATF
The outgoing President, Elisa de Anda Madrazo of Mexico, served her two-year term from 1 July 2024 to 30 June 2026. She succeeded T. Raja Kumar of Singapore and was the first FATF President from Latin America. Her presidency focused on inclusiveness, diversity, transparency, and advancing financial inclusion through a risk-based approach. Under her leadership, the FATF strengthened its standards on humanitarian exemptions and expanded the global network’s coordination.
The June 2026 Plenary also appointed Vivek Aggarwal of India as the incoming FATF Vice-President for the period July 2026 to June 2027. Aggarwal, a senior IAS officer serving as Secretary to the Government of India in the Ministry of Culture, is a former Head of the Indian Delegation to the FATF. His appointment marks the first time India holds the FATF Vice-Presidency.
India’s Role in the FATF
India has been a member of the FATF since June 2010, joining as the 34th member after a joint FATF-Asia Pacific Group mutual evaluation team assessed the country’s compliance with FATF Recommendations in 2009. India was an Observer at the FATF from 2006 before becoming a full member.
India underwent its most recent Mutual Evaluation in 2023-24, achieving a high level of technical compliance overall and being placed in the regular follow-up category. This category places India among only five G20 countries in the top compliance tier. India has implemented strong domestic AML/CFT frameworks under the Prevention of Money Laundering Act, 2002 and the Unlawful Activities (Prevention) Act, 1967, and has declared zero tolerance towards terror financing.
The election of Vivek Aggarwal as FATF Vice-President signals India’s growing influence in global financial governance. It places India in a key position to shape the FATF’s agenda on issues such as virtual asset regulation, counter-terror financing measures, and the treatment of jurisdictions under monitoring.
Key Takeaways
- Giles Thomson of the United Kingdom has been appointed as the FATF President for a two-year term starting 1 July 2026.
- He succeeds Elisa de Anda Madrazo of Mexico, who served as FATF President from 2024 to 2026 and succeeded T. Raja Kumar of Singapore.
- Thomson is Director for Economic Crime and Sanctions at HM Treasury and has been the UK Head of Delegation to FATF since 2016.
- The FATF was established in 1989 at the G7 Summit in Paris and is headquartered at the OECD in Paris with 40 member countries.
- India became a FATF member in June 2010 (34th member) and recently secured the FATF Vice-Presidency for the first time with the election of Vivek Aggarwal for the term July 2026 to June 2027.
- The FATF maintains a Grey List (22 jurisdictions under increased monitoring) and a Black List (Iran, North Korea, Myanmar) of countries with weak AML/CFT frameworks.
