**Global Anti-Money Laundering and Anti-Terrorist Financing Campaign**
The Financial Action Task Force completed its Plenary in Paris today, at the conclusion of which President Claes Norgren issued a report highlighting discussions on the FATF’s collaboration with the International Monetary Fund and World Bank on anti-money laundering and anti-terrorist financing standards; its typologies project; and its Non-Cooperative Countries and Territories (NCCTs) initiative.
The FATF has been working closely with the IMF and World Bank during a 12-month pilot programme to ensure the consistent application of anti-money laundering and anti-terrorist financing standards world wide. This has included a pilot programme in which the IMF and World Bank have been using the FATF’s Recommendations to assess countries’ financial systems. President Norgren reported that he has issued a letter to the IMF and the World Bank welcoming the successful conclusion of the pilot program, and encouraging the IMF and World Bank to continue their assessments on a comprehensive, uniform and permanent basis, as a regular part of their Financial Sector Assessment Program (FSAP).
*”FATF members have agreed to a new common methodology to assess compliance with anti-money laundering and countering the financing of terrorism standards”*, the FATF President said. * “We look forward to its endorsement by the IMF and the World Bank and encourage them to conduct such assessments on a permanent and comprehensive basis.”*
A special seminar on the financing of terrorism was held on February 24 before the Plenary meeting.
*”Addressing terrorist financing is a crucial part of FATF’s mission. This seminar played an important role in helping us reach out to key partners in the international effort against the financing of terrorism,”* said Mr. Norgren.
The seminar focused specifically on the risks posed by alternative remittance systems, cash couriers, non-profit organisations and the links between narcotics trafficking and terrorist financing. The consensus of the participants was that the international community must develop improved mechanisms to collect and share information on terrorism financing.
The FATF will undertake further work to ensure implementation of practical steps for the international community in this area.
The FATF Plenary also reviewed the latest report of its typologies experts group, with Mr. Norgren acknowledging the importance of collecting systematic information on existing and new methods of money laundering and terrorist financing. He said the FATF therefore has agreed on a more effective process for keeping typologies under review and working on particular areas of high risk. Typologies (the study of trends and techniques in money laundering) reports are often used by law enforcement, policy makers, and the private sector in combating money-laundering.
Describing itself as the international body in charge of safeguarding the global financial system against money laundering and terrorist financing, the FATF announced today that, due to substantial reforms by the Ukraine and Egypt, it has removed the two countries from its list of Non-Cooperative Countries and Territories (NCCTs).
* “This is good news for Ukraine, Egypt and the international community,”* said President Norgren. He also said it is evidence that the NCCT process is working, and countries are taking substantive action to clean up their financial systems.
The FATF maintains a list of non-cooperative countries and territories which do not meet international standards against money laundering. Such countries can be subjected to counter-measures, including heightened scrutiny by banks dealing with any transactions originating from an NCCT-listed country.
Seven countries remain as designated NCCTs : Cook Islands, Guatemala, Indonesia, Myanmar, Nauru, Nigeria and Philippines.