**IMF and World Bank Move to Address Challenges Countries Face in Implementing Anti-Money Laundering and Combating Terrorist Financing Standards**

Last year, their respective Boards called on the International Monetary Fund (IMF) and the World Bank to make anti-money laundering/combating the financing of terrorism (AML/CFT) a regular part of the work of their institutions. Today, following a review of the relevant programmes, the Executive Board of the IMF endorsed an adjustment of its AML/CFT program to focus more on tackling the challenges faced by countries in implementing standards and regimes.

The IMF’s Board also endorsed the Financial Action Task Force (FATF)’s Special Recommendation IX concerning measures to deter cross-border movements of currency and monetary instruments, related to the financing of terrorism and money laundering.

A release from the IMF noted that the Fund and the World Bank have been delivering an intensive work program that is yielding results in strengthening AML/CFT regimes in their 184 member countries. The recently completed review reportedly has determined that given the complexity of the revised standard, the higher costs of implementation and the competing demands on national resources, there is a need to focus on practical considerations, vulnerabilities, priorities, and sequencing in putting in place AML/CFT regimes.

Going forward, the Fund and the Bank will continue their intensive work on AML/CFT focusing on assessments of members’ AML/CFT regimes, technical assistance delivery, and broader regulatory and economic policy issues.

They will direct special attention to:

• Better integration of AML/CFT work in the context of the Fund’s Article IV surveillance and the Bank’s country operations, with particular links to the Bank’s anti-corruption work;

• Enhancing work on the design and sequencing of AML/CFT regimes;

• Increasing outreach to raise awareness among parliamentarians and key decision makers on AML/CFT; and

• Continuing to work with the donor community to commit additional resources to meet increasing technical assistance needs for countries.