Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Progress Reports

The IMF and the Fight Against Money Laundering and the Financing of Terrorism, A Factsheet

IMF Advances Efforts to Combat Money Laundering and Terrorist Finance, August 8, 2002

More on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)

Report on the Outcome of the FATF Plenary Meeting and Proposal for the Endorsement of the Methodology for Assessing Compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Standard

Prepared by the Monetary and Exchange Affairs Department and Legal Departments

November 8, 2002

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Contents

  1. Introduction
  2. Background
  3. Outcome from the FATF Plenary Meeting
  4. Proposed Decisions for Directors

Annex I:
Letter from the President of the FATF to the Managing Director of the IMF, October 24, 2002

Annex II:
1. AML/CFT Assessment Methodology

    1.1. Background to Methodology
    1.2. The Structure of the Methodology Document
    1.3. Other conditions necessary for an effective AML/CFT system

2. The AML/CFT Assessment Criteria

    Assessment and Compliance
    Definitions

    2.1. Criminal Justice Measures and International Co-Operation
    1. Criminalisation of ML and FT
    2. Confiscation of proceeds of crime or property used to finance terrorism
    3. The FIU and processes for receiving, analysing, and disseminating financial information and other intelligence at the domestic and international levels
    4. Law enforcement and prosecution authorities, powers and duties
    5. International Co-operation


    2.2. Preventive Measures For Financial Institutions

    2.2.1. All financial institutions - the legal and institutional framework and its effective implementation

    1. General Framework
    2. Customer identification
    3. Ongoing monitoring of accounts and transactions
    4. Record keeping
    5. Suspicious transactions reporting
    6. Internal controls, Compliance and Audit
    7. Integrity standards
    8. Enforcement powers and sanctions
    9. Co-operation between supervisors and other competent authorities


    2.2.2. Banking sector: sector-specific criteria

    1. Customer identification
    2. On-going monitoring of accounts and transactions
    3. Record keeping
    4. Internal controls, compliance and audit
    5. Enforcement powers and sanctions
    6. Co-operation between supervisors and other competent authorities


    2.2.3. Insurance sector: sector-specific criteria

    1. Customer identification
    2. Ongoing monitoring of accounts and transactions
    3. Record keeping
    4. Suspicious transaction reporting
    5. Internal controls, Compliance and Audit

    2.2.4. Securities sector: sector-specific criteria

    1. Customer identification
    2. Record keeping
    3. Internal controls, Compliance and Audit
    4. Integrity standards
    5. Enforcement powers and sanctions
    6. Co-operation between supervisors and other competent authorities


    2.3. Information on controls and monitoring of cash and cross border transactions