World Bank Group Proceeds on Money Laundering and Terrorism Financing Work

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Saturday, March 1, 2003
Bruce Zagaris
The World Bank Group has progressed in implementing plans to intensify work on issues of anti-money laundering and counter-terrorism financial enforcement (AML/CFT). The IMF/World Bank of Group also conduct a pilot program to develop a global AML/CFT standards and conduct ROSCs under such standards. The IMF/WB Group has worked closely with the FATF Secretariat in preparing its standards. The IMF/WB Group will increase its delivery of TA in collaboration with other agencies. The IMF and WB have assigned additional resources to TA delivery. In this regard, its staff has increased international cooperation efforts. The IMF/WB has prepared an AML/CFT assessment methodology. The FATF and IMF/WB have agreed on steps and a timetable to finish the methodology by October 2002. The IMF and WB have conditionally added the FATF 40+8 Recommendations to the list of areas and associated standards and codes useful to the operational work of the IMF/WB and have endorsed 12- month pilot program of AML/CFT assessments and accompanying ROSCs. The WB and IMF are helped improve TA delivery in progress in response to assessments and requests. They are reinforcing linkages among assessments, recommendations, TA requests and TA delivery. The WB and IMF are increasing in house capacity to deliver TA and collaborating with other TA providers. The focus of the IMF/WBs TA is on: (1) formulation of AML. CFT laws and regulations that meet international best practices; (2) implementation of laws, regulations, policies and procedures by financial sector supervisors and other similar government entities charged with responsibility for enforcement off AML/CFT measures; (3) establishment of legal frame works for FIUs that meet international best practices; (4) development of training and awareness programs to respond to AML/CFT concerns in the public and private sector; (5) collaboration with other parties in multilateral training programs; and (6) development of computer-based training materials.