IMF Creates New Unit for Anti-Money Laundering and Counter-Terrorism Financing

IMPORTANT: The full content of this page is available to premium users only.

Tuesday, July 1, 2003
Bruce Zagaris
On April 25, 2003, the International Monetary Fund (IMF) announced that effective May 1, 2004, it established the Monetary and Financial Systems Department to indicate the reorganization of the existing Monetary and Exchange Affairs Department. The IMF has explained the reorganization takes account and perhaps responds to the expanded responsibilities of the department, especially the development of the Financial Sector Assessment Program and in assessing anti-money laundering and combating the financing of terrorism. According to Stephan Ingves, who will remain Director of the newly constituted department, the Monetary and Exchange Affairs Department will continue to provide analytical, operational and technical support to IMF member countries on issues concerning central banking, Monetary and foreign exchange operations, and banking supervision. The crisis resolution, monetary an exchange infrastructure and operations, and technical assistance. The IMF’s establishment of new unit for anti-money laundering and counter-terrorism financial enforcement indicates that international organizations have decided that these issue are of such importance in their everyday work that they warrant the creation of a unit equipped to deal effectively with all the issues.