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Policy Development

 Policy Work The Financial Market Integrity Group’s work on Policy Development provides support for international standards bodies in Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), as well as for technical assistance programs offered by the Group to client countries. Among the current projects are the following:

Bilateral Remittance Corridor Analysis
The Bilateral Remittance Corridor Analysis (BRCA) initiative is designed to develop a better understanding of the incentives and other factors that shape remittance markets. Both sender and recipient countries need to explore effective policies for protecting the integrity of remittance markets, and improving efficiency and transparency of transfer channels for remittance flows, and inducing a shift from the use of informal transfers to formal transfers.  
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Highlights

»Bilateral Remittance Corridor Analysis (BRCA)
»BRCA Reports
»Lessons Learned


Financial Disclosure Law Library 
The Financial Disclosure Law Library is the first global collection of legal texts on financial disclosure and business interests of public officials (financial disclosure). The Law Library offers access to over 1,000 laws and regulations from 176 countries not only on financial disclosure but also related topics such as restrictions on public officials’ activities. Financial disclosure refers to a system where public officials are required by law to disclose information about their assets and/or business activities. Financial disclosure systems are a multi-use tool: providing evidence for the prevention, detection, investigation, and even prosecution of corruption.
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Stolen Asset Recovery Program

The Stolen Asset Recovery (StAR) program, developed jointly with the United Nations Office on Drugs and Crime, seeks to help World Bank Group country members recover assets stolen by corrupt officials. The creation, launch and implementation of the StAR Initiative were developed in coordination with other World Bank units, in particular the Poverty Reduction and Economic Management Network.  See details… 

 

Governance in Financial Intelligence Units

This is a report of the governance structure, management, and practice of countries’ Financial Intelligence Units (FIUs), the agency at the heart of any country’s AML/CFT regime. International standards require that FIUs have “sufficient operational independence and autonomy.” How this requirement is implemented in practice has so far received little attention.

In order to gain more insight into this question, the Group liaised with the Egmont Group, a world-wide organization of FIUs, and drafted a questionnaire addressing aspects of governance, such as appointment and terms of directors and staff, reporting and oversight over FIU activities, determination and use of budgets, and the conduct of daily operations. The questionnaire was sent to a few FIUs of different types and sizes and located in different regions.

An interim report of the findings was presented to the Egmont Committee at the Plenary Meeting in Seoul, Korea May 2008. The final report was presented to the Egmont Heads of FIUs at the Plenary Meeting in Qatar in May 2009. At that time, the Egmont Group decided that the final report would remain confidential and approved the preparation of an executive summary that would be publicly available.  The executive summary follows the structure of the final report, and contains all of the main findings of that report.  See the summary… 

Anti-Money Laundering Tools to Fight Corruption

This study on the use of anti-money laundering information for anti-corruption purposes covers 15 anti-corruption agencies representing all regions. The agencies were selected on the basis of their geographic location, type and size, and whether an operational FIU exists in the country.

The information collected from the study will be used to assist the Group in advising client countries on the use of anti-money laundering tools to address the problem of corruption, including investigation, prosecution and recovery of the proceeds from corruption. One of important output study will be the development of training modules to be incorporated in anti-corruption training programs.

 

Anti-Money Laundering Tools to Fight Illegal Logging

This project aims to fight illegal logging through the instruments available to fight money laundering. The Group was instrumental in the decision to include anti-money laundering as a core component of the World Bank’s 2006 “Strengthening Forest Law Enforcement and Governance” strategy, which states that anti-money laundering and asset forfeiture laws should be used to fight illegal logging and related corruption.

The Group has also provided technical assistance regarding the creation of a special interagency Strike Force composed of investigators, prosecutors, foresters, forensic accounting experts and others focused on investigating and prosecuting a small number of significant illegal logging cases that involve high-level corruption and money-laundering.

Risk and Vulnerability Assessment Methodology and Tool

This project aims to develop a methodology and a practical tool (an interactive, computerized analytical model) to assess degrees of Money Laundering and Terrorist Financing (ML/TF) Threat, Risk and Vulnerability faced at the national level as well as at relevant sector levels. Its outcome should provide the AML/CFT policy guide aimed at appropriate prioritization and sequencing of measures.

 

The outcome should also assist countries to develop control measures that are proportionate to underlying risks and vulnerabilities. The assessment is composed of three analytical areas:

·         Threat

·         Vulnerability

·         Overall Risk

 

The goal of these analyses is to enhance effectiveness of a national AML/CFT regime.

 

Given the multiple and diverse sources of information that contain intrinsic and irreducible uncertainties, the model should allow disparate types of data to be combined in a coherent, analytically defensible and understandable manner. It should also build interrelations between many factors that affect risk. The goal is to develop an assessment tool that is sophisticated, analytically defensible, customizable, and modifiable. 

Primarily to be developed as a Technical Assistance tool, once prototype is developed, it will be tested in selected countries. The final product will be made available either as a technical assistance tool, as a stand-alone product for interested countries to use for their risk assessment, or as a tool other donors and international organizations can use in their technical assistance programs.

Handbook for Bank Supervisors

This tool is aimed at helping developing or emerging countries set up. or strengthen, their AML/CFT supervisory regimes.  See the handbook... 

 

AML/CFT Framework for the Securities Sector

This project aims to help client countries better tailor their AML/CFT policies to the specifics on that industry, and the AML/CFT risks and vulnerabilities it faces.

AML/CFT Transparency

This project collects data on the types and quality of information collected in implementation of AML/CFT measures by financial institutions and other non-financial businesses and professions about the financial and commercial transactions that occur through them, the way this information is maintained, and the accessibility of this information by law enforcement authorities. The purpose of the project is to generate reliable data on the quality of implementation of AML/CFT measures by focusing on the access to reliable information about the financial and commercial transactions that occur in the jurisdiction as the primary output of the effective implementation of AML/CFT measures. Reliable data focusing on the contribution of AML/CFT measures, presented in an accessible manner and allowing country comparisons will constitute a vital input into the prioritization of country reforms and the design of technical assistance.

 

Trade finance and AML
This report examines the Impact of AML/CFT Enhanced Due Diligence Measures on Access to Trade Finance. The Report will cover a survey of the key AML controls related to trade finance in place at global financial institutions, as well as the time and costs of performing enhanced due diligence for transactions with high-risk countries.


Working Group on Tackling the Financing of Terrorism
This Working Group was established by the Counter-Terrorism Implementation Task Force (CTITF) and is by the International Monetary Fund (IMF), the World Bank, and the United Nations Office on Drugs and Crime (UNODC), and supported by the Monitoring Team of the 1267 Committee (MT), the Counter-Terrorism Committee Executive Directorate (CTED), and the International Criminal Police Organization (INTERPOL).  The Working Group released its report in early 2009.   See the report ... 





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