The OECD is giving priority to combating economic crimes such as corruption and tax fraud (see www.oecd.org/corruption and www.oecd.org/tax). Its Principles of Corporate Governance and its work on beneficial ownership is of direct relevance to the FATF. The OECD continues to closely examine the relationship between international bribery and money laundering. The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (and the associated 1997 Revised Recommendation) requires signatory states to take measures dealing with the laundering of money derived from bribery of foreign public officials.
The Convention establishes a system of peer review to ensure that its signatories effectively implement the OECD anti-bribery instruments. Part of this process involves an examination of the effectiveness of anti-money laundering (AML) regimes as it applies to international bribery. The OECD’s Committee on Fiscal Affairs (CFA) has been working with the FATF since 1998 to improve international and domestic cooperation between tax and AML authorities as a way of enhancing governments’ ability to combat these activities.
Experts from OECD and FATF member and observer countries share experiences about how they combat these activities and country surveys have been produced that show if and how information can be exchanged between tax authorities and AML authorities.
For more information about the OECD, please visit their website at www.oecd.org.