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World Bank, IMF focus on money laundering, terrorist financing
Washington, Apr 06: The International Monetary Fund and World Bank are moving to enhance and co-ordinate their efforts to combat money laundering and terrorist financing while boosting technical assistance to countries trying to bring their financial systems in line with global standards.
Washington, Apr 06: The International Monetary Fund and World Bank are moving to enhance and co-ordinate their efforts to combat money laundering and terrorist financing while boosting technical assistance to countries trying to bring their financial systems in line with global standards.
The institutions, in press release, said they made the decision to adopt a more comprehensive and integrated approach to money laundering after completing a joint 12-month pilot programme that examined 41 countries at varying stages of development and assessed their compliance with accepted international standards.
The exercise raised both awareness of the importance of international co-operation and prompted action on the part of some governments to correct shortcomings identified during the assessments, the IMF and World Bank said. During the pilot programme more than 100 countries requested help in improving their ability to fight money laundering and terrorist financing, the release said.
The IMF and World Bank said they now plan to carry out 10 money-laundering and terrorist-financing assessments per year as part of the joint bank/fund Financial Sector Assessment Programme (FSAP). The assessments are based on recommendations of the Financial Action Task Force (FATF), an inter-governmental body of 33 member nations based at the Organisation for Economic Co-Operation and Development (OECD).
FATF is responsible for developing international standards to stop money laundering and combat terrorism financing and the common methodology for assessment of those standards.
Bureau Report
The exercise raised both awareness of the importance of international co-operation and prompted action on the part of some governments to correct shortcomings identified during the assessments, the IMF and World Bank said. During the pilot programme more than 100 countries requested help in improving their ability to fight money laundering and terrorist financing, the release said.
The IMF and World Bank said they now plan to carry out 10 money-laundering and terrorist-financing assessments per year as part of the joint bank/fund Financial Sector Assessment Programme (FSAP). The assessments are based on recommendations of the Financial Action Task Force (FATF), an inter-governmental body of 33 member nations based at the Organisation for Economic Co-Operation and Development (OECD).
FATF is responsible for developing international standards to stop money laundering and combat terrorism financing and the common methodology for assessment of those standards.
Bureau Report