The Financial Market Integrity Group works with client countries to gauge the strength and effectiveness of their efforts in the area of Anti-Money Laundering and Combating Financial Terrorism (AML/CFT) as part of the joint work of the World Bank and International Monetary Fund (IMF) on the sustainability and integrity of financial sectors.
The assessments conducted in this context are diagnostic tools, identifying flaws or gaps and making recommendations to improve the country’s framework. Areas analyzed include:
Legal and institutional
Supervisory and regulatory for the financial sector
Regulatory for other financial services providers
Each assessment is based on the most recent common assessment methodology, and is designed to provide a description of the client country’s AML/CFT regime; an analysis of its effectiveness and its compliance with recommendations of the Financial Action Task Force on Money Laundering (FATF); and a rating of the country’s situation against each of the FATF 40+9 Recommendations.
AML/CFT reports can be conducted either for the Financial Sector Assessment Program (FSAP) or as mutual evaluations for FSRB-purposes. Assessments include a Detailed Assessment Report or comprehensive Mutual Evaluation, as well as a summary of these, which provides the substance of the AML/CFT Report on Observance of Standard and Codes. The assessed country decides whether these reports are published.
AML/CFT Assessment Reports
Methodology and Materials
All AML/CFT assessments are conducted with reference to the FATF 40+9 Recommendations. In order to ensure the consistency and fairness of assessments, all assessor bodies (FATF, FATF-Style Regional Bodies, IMF, World Bank) have prepared an assessment methodology that is used for all assessments. This is complemented by a Handbook for assessors and assessed countries, which lays out how assessments are conducted and how the Methodology shall be used.
In addition, FATF, FSRBS, the IMF and the World Bank conduct regular trainings for assessors, using training materials that have been jointly developed. Recently, the World Bank has begun to deliver trainings for assessed countries, with a view to help officials of countries to be assessed to foster their preparation to the assessment, both on substance and on processes.
Use of Anti-Money Laundering Tools to Combat Corruption Course