International Monetary Fund (IMF)

The IMF is contributing to global AML/CFT efforts in several important ways. As a collaborative institution with near universal membership, the IMF is a natural forum for sharing information, developing common approaches to issues, and promoting desirable policies and standards. The Fund has dedicated AML/CFT expertise. Two departments carry out the IMF’s AML/CFT efforts: the Monetary and Financial Systems Department and the Legal Department.

Following a March 2004 review of the pilot program of AML/CFT assessments, the IMF Executive Board agreed to make AML/CFT a regular part of IMF work. It also endorsed the revised FATF 40+8 Recommendations as the standard for which AML/CFT Reports on the Observance of Standards and Codes (ROSCs) are prepared, as well as a revised methodology to assess compliance with that standard. More recently, the Executive Board further endorsed the new FATF Special Recommendation IX on Cash Couriers and the relevant changes in the methodology.

AML/CFT assessments are prepared within the framework of the Financial Sector Assessment Program (FSAP), a joint IMF/World Bank initiative, which is specifically designed to assess the strengths and weaknesses of financial sectors. They are also carried out as part of assessments of Offshore Financial Centers.

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