Between April 11 to May 21, 2023 an online consultation for Civil Society Organizations (CSOs) took place. A total of 19 responses were received, which can be found here.

On November 20th, 2023, the IMF Executive Board concluded the Review of the Fund’s AML/CFT Strategy. The policy   includes a comprehensive stocktaking of the work of the IMF in AML/CFT in the last five years, as well as concrete proposals to strengthen the IMF’s engagement in these areas. The Review documents also include an analysis of the useful and constructive  input provided by CSOs during the consultation process (Background Paper V).

You will find here the press release summarizing the findings of the AML/CFT Strategy review process, here the main review paper and here the background papers.

The next review by the Executive Board of the AML/CFT Strategy is expected to take place within five years.

Review of the IMF’s Anti-Money Laundering and Combating the Financing of Terrorism Strategy

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.

THE QUESTIONS FOCUS ON:

• The effectiveness of Fund’s staff in engaging its members on AML/CFT and broader financial integrity issues
• The Fund’s engagement and cooperation with CSOs and other organizations on AML/CFT and broader financial integrity issues

If you would like to work on your answers before completing the form, you can download the questions here. However, please kindly note that all the answers, without exception, must be submitted electronically through the online survey by May 21st.

 

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