Senior Australian bureaucrat Roger Wilkins has been appointed president of the Financial Action Task Force. Wilkins, who is secretary of the Attorney-General's Department, will lead the inter-governmental standards organisation for the next 12 months.Wilkins issued a statement setting out his objectives, which include raising FATF's profile, reducing regulatory arbitrage, working more closely with the private sector and developing policies to deal with risks associated with virtual currencies.FATF sets policy guidelines for the regulation of anti-money laundering and counter-terrorism financing and monitors the performance of regulators in member countries.It has attracted criticism in Australia recently from opponents of the trend for international regulatory standards to be set by bodies not accountable to the government or local industry bodies.In a submission to a government review of the local anti-money laundering regulator, Austrac, the Australian Privacy Foundation said: "APF has major concerns about the way in which the [AML/CTF] regime has been premised on an imperative to meet international standards set by FATF. Successive Australian government have exaggerated the need to meet FATF standards."Wilkins said: "The flow of money across jurisdictions has afforded us many economic and social benefits. However, it has also opened up the problem of regulatory arbitrage. Closing down the practice of taking advantage of regulatory differences between markets is essentially what FATF is about."