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Strategy and Objectives

The agenda for global Programs on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) calls for cooperative approaches among many international bodies.  The World Bank works closely with the International Monetary Fund on these programs, and has made AML/CTF support for client countries a part of its Financial Sector Development Strategy. The Bank also supports efforts to establish an international standard response, led by the Financial Action Task Force on Money Laundering (FATF), and development of the FATF 40 Recommendations which serve as the framework for AML efforts.

 

A country’s AML/CFT framework consists of many agencies working together across professional disciplines. The Financial Market Integrity Group seeks to build capacity and raise awareness 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 FATF;

·         Creating a Financial Intelligence Unit;

·         Supervising financial and nonfinancial institutions with regard to AML/CTF;

·         Training and sensitizing a prosecutorial and judicial system to related issues;

·         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 sensitivity of client countries’ financial information.

For a brochure providing an overview of the Financial Market Integrity's work can be found here.




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