Anti-Money Laundering & Countering Terrorist Financing in Bank Projects

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Anti-Money Laundering & Countering Terrorist Financing in Bank Projects. The World Bank Finance Forum 2004 September 23, 2004. AML/CFT work in the Bank. Definitions
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Anti-Money Laundering & Countering Terrorist Financing in Bank ProjectsThe World BankFinance Forum 2004September 23, 2004AML/CFT work in the Bank
  • Definitions
  • Money laundering (ML)is the process by which the proceeds derived from a criminal activity are disguised in an effort to conceal their illicit origins and to legitimize their future use. Terrorist financing (TF) is the financial support, in any form, of terrorism or those who encourage, plan or engage in terrorism. AML/CFT work in the Bank
  • James D. Wolfensohn : the global community should act “where it really matters”
  • Economically, money laundering and financing of terrorism really matter
  • Post-9/11 development
  • AML/CFT work in the Bank
  • Adverse implications for developing countries include:
  • 1.    Potential increase in crime and corruption
  • 2.    Potential Damage to reputation of financial institutions and market
  • 3.    Less foreign private investment
  • 4.    Possible destabilization of financial markets
  • AML/CFT work in the Bank
  • Because ML and TF can have particularly damaging economic and social consequences for vulnerable clients countries, the Bank board decided in January 2002 to set a special AML/CFT working program
  • The Bank’s AML/CFT program is a multi-pronged approach that complements the Bank’s other work.
  • The Board Mandate
  • AML/CFT Assessments in FSAPs
  • Technical assistance
  • Cooperation with existing AML/CFT groups
  • Cooperation with others TA providers to avoid duplication of efforts
  • TA Program and Policy
  • TA provided by the Bank has focused on: 
  • -  drafting of laws and regulations
  • -  implementation of preventive measures in the financial system
  • - training bank supervisors
  • -  setting up FIUs
  • - training of evaluators (FSRBs)
  • TA Program and Policy
  • TA is delivered in an effective and efficient manner. Examples of TA delivered include:
  • o       Individual country TA
  • o       Multi-country / Regional training seminars
  • o       GDLN (Global Distance Learning Network) training programs
  • o       Global Dialogue series
  • o  E-learning programs (currently underway) High demand for AML/CFT experts or consultantsIncreasing requests for Technical assistanceFundingClear International AML/CFT StandardsExisting Evaluation Systems (FATF, FSRB & FSAP)Orgs, networks & donors (UNODC, Egmont Group, ADB, IADB, etc. )ChallengesAdvantagesOrganizations
  • FATF – Financial Action Task Force[www.fatf-gafi.org]
  • Recently Revised 40 AML + 8 CFT Recommendations
  • FSRBs – FATF-Style Regional Bodies
  • Asia Pacific Group on AM (APG)
  • Caribbean Financial Action Task Force (CFATF)
  • Council of Europe AML/CFT Committee (MONEYVAL)
  • Eastern & Southern Africa AML/CFT Group (ESAAMLG)
  • Financial Action Task Force on ML So. America (GAFISUD)
  • New FSRBs(not yet officially recognized)
  • Middle Eastern & North Africa
  • Eur-Asian FSRB
  • Sub-saharan Africa (GIABA)
  • Central Africa (GIABAC)
  • Egmont Group – Assn. of Financial Intelligence Units
  • FSRB MembersFATF:Argentina, Australia, Belgium, Brazil, Canada, Denmark, EC, Finland, France, Germany, Greece, Gulf Coop council, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, UK, USA. APG:Australia, Bangladesh, Brunei, Taipei, Cook Is., Fiji, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, Marshall Is., Nepal, New Zealand, Niue, Pakistan, Korea, Palau, Philippines, Samoa, Singapore, Sri Lanka, Thailand, USA, Vanuatu.CFATF:Anguilla, Antigua/Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Br. Vir. Is., Cayman Is., Costa Rica, Dominica, Dominican Rep., Grenada, Haiti, Jamaica, Montserrat, Neth. Antilles, Nicaragua, Panama, St. Kitts/Nevis, St. Lucia, St. Vincent/Grenadines, Surinam, Trinidad/Tobago, Turks & Caicos, Venezuela.MONEYVAL:Albania, Andorra, Azerbaijan, Bosnia/Herzegovina, Bulgaria, Croatia, Cyprus, Czech Rep., Estonia, Georgia, Hungary, Latvia, Liechtenstein, Lithuania, Malta, Moldova, Poland, Romania, Russia, San Marino, Serbia/Montenegro, Slovakia, Slovenia, Macedonia, Ukraine.ESAAMLG:Botswana, Kenya, Malawi, Mauritius, Mozambique, Namibia, Seychelles, So. Africa, Swaziland, Tanzania, Uganda.GAFISUD:Argentina, Bolivia, Brazil, Chile, Columbia, Ecuador, Paraguay, Peru, Uruguay.MENAFATF:Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates and Yemen.Eur-Asia:Russia, Kazakhstan, Kyrgyz, Tajikistan, Turkmenistan, Uzbekistan, Belarus, China. AML/CFT Technical Assistance
  • TA loans
  • Trust Funds:
  • Loan preparation TFs (adjustment loans)
  • FIRST Initiative Trust Fund
  • Donor coordination
  • Effective & efficient TA delivery:
  • Multi-country training seminars
  • GDLN training programs (video conference)
  • E-learning programs (under development)
  • ECARegional & country TA programs
  • 2002: Large (24 country) training conference, Moscow
  • 2003: Sub-regional training seminars
  • 2004: Training by GDLN (VC)
  • Central Asian countries
  • Bosnian officials
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