Anti-Money Laundering and Combating the Financing of Terrorism - Review of the Quality and Consistency of Assessment Reports and the Effectiveness of Coordination

Publication Date:

April 18, 2006

Electronic Access:

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Summary:

This paper responds to a request from Executive Directors to review the quality and consistency of anti-money laundering and combating the financing of terrorism (AML/CFT) assessment reports prepared by the Financial Action Task Force on Money Laundering (FATF) and FATF style regional bodies (FSRBs), and the effectiveness of coordination with FATF/FSRBs. The review found a high degree of variability in the quality and consistency of reports prepared by the different assessor bodies as well as within the same assessor group. While a large majority of reports were of high- or medium quality with respect to key components of the assessments, the treatment of ratings gave rise to greater problems. A number of initiatives have been taken or are underway to improve the quality and consistency of assessments by all assessor bodies, including: the standardization of documentation, the strengthening of peer/internal reviews, and the intensification of assessor training.

Series:

Policy Papers

Subject:

English

Publication Date:

April 18, 2006

Price:

Free

Format:

Paper

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