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Partnerships

 Handshake   The Financial Market Integrity Group is not alone in responding to the growing international concern about money laundering and terrorist financing. For example, the Group works closely with its counterparts in the International Monetary Fund (IMF) to avoid duplication of efforts and to provide technical assistance in response to assessments of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regimes.

 

The Group also works in partnership with other international and regional organizations, such as the Financial Action Task Force on Money Laundering (FATF) and the FATF-style Regional Bodies (FSRBs), to provide a comprehensive response to the threat of money laundering and terrorist financing. The AML/CFT efforts of these organizations vary, depending on the organization, and can include: conducting mutual evaluations of AML/CFT regimes of their member states and providing technical and other assistance. The World Bank supports the work of these organizations and endeavors to complement their efforts.

 

FATF is a multinational body dedicated to AML/CFT.  FATF has issued Forty Recommendations on Money Laundering and Nine Special Recommendations on Terrorist Financing (FATF 40 + 9) which are recognized as the international standards for government action on AML/CFT.

 

FSRBs work with FATF to implement international standards at the regional level and to conduct mutual evaluations of member countries. The Group works with the FSRBs to support and enhance their regional capacity-building programs.

 

For detailed FSRB information:

 

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Asia/Pacific Group on Money Laundering (APG)

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Caribbean Financial Action Task Force (CFATF)                                                      

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Eastern and South African Anti Money Laundering Group (ESAAMLG)

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Financial Action Task Force on Money Laundering in South America (GAFISUD) 

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Intergovernmental Action Group against Money-Laundering in Africa (GIABA)

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Eurasian Group on combating money laundering & financing of terrorism (EAG)

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 Middle East & North Africa Financial Action Task Force (MENAFATF) 

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Council of Europe’s action against money laundering and financing of terrorism(Moneyval)  

Another strong partnership is with the United Nations Office on Drugs and Crime (UNODC), which jointly supports the work of an in-country adviser, based in Hanoi, for Cambodia, Laos, and Vietnam. The adviser, through close interaction with the respective authorities, provides regular assistance on AML/CFT, and has contributed significantly to the development of capacity within those countries.

 




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