IMF Signs An Agreement on Switzerland’s Participation in the IMF’s Trust Fund for Anti-Money Laundering and Combating the Financing of TerrorismPress Release No. 09/256
July 7, 2009
Mr. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF), and Ambassador Beatrice Maser Mallor, Head of Economic Cooperation and Development of the State Secretariat for Economic Affairs (SECO), signed today in Zurich an agreement for a US$5 million contribution by Switzerland to the IMF’s Trust Fund for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
Following the signing ceremony, Mr. Portugal issued the following statement:
“The international community has made the fight against money laundering and terrorist financing a priority. The multi-donor trust fund will contribute to the strengthening of global AML/CFT regimes by improving national systems. Robust AML/CFT regimes are an important pillar of the international regulatory and supervisory system and part of the current efforts to strengthen the global financial framework.”
“The IMF is pleased that Switzerland has decided to contribute US$5 million to this initiative and, following a decision by the Steering Committee, will chair the committee in 2009. Switzerland is already one of the largest donors to the IMF’s capacity building program and its participation in the trust fund will further strengthen our partnership.”
Demand for the IMF’s technical assistance is rising in light of the current global economic and financial crisis, but also because countries are seeking to strengthen their institutions. To meet this rising demand as well as better coordinate assistance delivery, the Fund seeks to strengthen its partnerships with donors by engaging them on a broader, longer-term, and more strategic basis. As a part of these efforts, the IMF recently opened its new Central America, Panama, and the Dominican Republic Regional Technical Assistance Center (CAPTAC-DR) (see http://www.imf.org/external/np/sec/pr/2009/pr09236.htm) and intends to open three additional Regional Technical Assistance Centers (RTACs) in Central Asia, and Southern and Western Africa.
Complementing the regional perspective of the RTACs, a menu of Topical Trust Funds (TTFs) will provide a global geographical coverage and a specialized topical scope. The IMF launched its first TTF on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) in May 2009 (see Press Release No. 09/108). The roll-out of other TTFs is planned over the next year in the areas of natural resource management, revenue administration, public expenditure management, development of sustainable debt strategies, and compilation of statistics relevant to financial crisis.