Our objective in the area of AML/CFT is to provide support to client countries through technical assistance (TA), assessments, knowledge sharing and advocacy work to strengthen the integrity of their financial sector in the countries. The World Bank has included AML/CFT as part of the development mandate in the financial sector as it relates to and reinforces its complementary work on governance and legal framework issues. In March 2004, the Boards of the World Bank and International Monetary Fund (IMF) agreed on additional resources to support AML/CFT as part of the regular work of the World Bank and IMF. The Boards approved an expansion of World Bank/IMF responsibilities in both assessments and TA to cover comprehensively the Financial Action Task Force (FATF) standards. Strategy The global agenda to curb money laundering and the financing of terrorism calls for a cooperative approach among many different international bodies. As such, protecting the financial systems of a client country is part of the World Bank Group's Financial Sector Development Strategy. To read the strategy, please click here. In addition, efforts to establish an international standard response against money laundering and the financing of terrorism have been led by the Financial Action Task Force on Money Laundering (FATF)and through the development of the FATF 40 Recommendations which serve as the international framework for AML efforts. Results A country’s AML/CFT regime consists of many agencies working together across several professional disciplines, with the ultimate goal of protecting the integrity of their financial markets. The Financial Market Integrity Group seeks to build capacity and raise awareness to client countries on AML/CFT within all relevant agencies. The success of an AML/CFT regime runs parallel with producing results in specific areas: - enacting anti-money laundering and terrorist financing legislation and regulations in accordance with international standards recommended by the Financial Action Task Force on money laundering;
- creating a Financial Intelligence Unit;
- supervising financial and nonfinancial institutions with regard to money laundering and terrorist financing;
- training and sensitizing a prosecutorial and judicial system to issues on AML/CFT;
- garnering support for law enforcement agencies;
- maintaining high standards of domestic and international cooperation; and
- remaining transparent within the domestic and global community, while respecting the sensitive financial information of clients.
Staff Latifah Merican Cheong is the Program Director for the Financial Market Integrity Group within the joint World Bank-International Finance Corporation (IFC) Financial and Private Sector Development Vice Presidency. |
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