The International Monetary Fund (IMF) is reviewing its 2018 Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy (“The AML/CFT Strategy”). Effective AML/CFT policies and measures are key to the integrity and stability of the international financial system and member countries’ economies. Money laundering (ML) and related underlying crimes (the so-called “predicate offenses” or “predicate crimes”), as well as terrorist financing (TF) and the financing of the proliferation of weapons of mass destruction (WMD) or proliferation financing (PF) are crimes with economic effects—they can threaten the integrity and stability of a country’s financial sector and external stability more generally. They can result in destabilizing “hot money” resulting from inflows and outflows, as well as in banking crises, ineffective revenue collection, broader governance weaknesses, reputational risks for international financial centers, and loss of correspondent banking relationships (CBRs). In an increasingly interconnected world, the harm done by these crimes is global, affecting the integrity and stability of the international financial system. AML/CFT policies and measures are designed to prevent and combat these crimes and are essential to protect the integrity and stability of financial markets and the global financial system.
The scope of the 2023 Review of the AML/CFT Strategy will cover all the elements of the Fund’s financial integrity work. Coverage of AML/CFT and broader financial integrity issues continue to be integrated across Fund workstreams. The Fund’s AML/CFT program has evolved considerably since its origins in the early 2000s. In recognition of their macro-critical impact, AML/CFT and financial integrity issues have been included in a wide range of Fund policies (e.g., governance, climate change, Fintech, trade, and CBRs) and continue to be covered in Fund’s various workstreams—surveillance, Financial Sector Assessment Program (FSAP), Fund-supported programs, AML/CFT assessments, and capacity development (CD) activities.
A report presenting the findings of the Review and staff’s recommendations will be submitted to the IMF’s Executive Board in November 2023 for consideration. The IMF values stakeholder engagement and feedback to shape IMF policies and programs. Views from stakeholders, based on the questions below, will contribute to the Review.
The public consultation on the AML/CFT Strategy is an opportunity for CSOs from all over the world to share their views on the Fund’s work on AML/CFT and broader financial integrity issues. After the conclusion of the online consultation, an in-person and a virtual follow up meetings with CSOs will take place to present the inputs received, discuss the results and seek further insights from them. If additional follow up is needed, bilateral meetings can be organized as well.
We ask that you provide your feedback based on the mandate as summed up by the IMF Executive Board in the Press Release published on February 4, 2019.
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