Anti-Money Laundering and Combating the Financing of Terrorism: Observations from the Work Program and Implications Going Forward

Prepared by: IMF Monetary and Financial Systems and Legal Departments
World Bank Financial Sector Vice-Presidency

August 31, 2005

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Contents

Acronyms

Executive Summary

1. Introduction
2. The AML/CFT Work Program—Assessments, TA, and Policy Development
   1. Experience with Assessments Using the Revised Standard and Methodology
   2. Experience with Technical Assistance
   3. Experience with Policy Development
3. Lessons Learned
   1. What has Worked Well
   2. Challenges and Areas for Improvement
4. The Work Program Going Forward

Tables

1. AML/CFT Assessments by the IMF and World Bank Using the Revised Standard
2. AML/CFT Assessments by the FATF and FSRBs Using the Revised Standard
3. Bank/Fund TA Projects: January 2004 to June 2005

Figure

1. Comparison of Compliance Levels between the Previous & Revised FATF Standard

Boxes

1. Key AML/CFT Implementation Challenges
2. AML/CFT TA Projects to Achieve Effective Implementation of the Standard

Annex

FATF Special Recommendation IX and consequential amendments to FATF