{
  "title": "Press Release: IMF Executive Board Reviews the Fund's Strategy for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)",
  "publication": "IMF News, April 11, 2014",
  "sourceUrl": "https://www.imf.org/en/news/articles/2015/09/14/01/49/pr14167",
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  "summary": "Press Release No. 14/167",
  "publishDate": "2014-04-11",
  "sections": [
    {
      "heading": "Background and context",
      "content": "- Press Release No. 14/167\n- Date: April 11, 2014\n- Media contact: IMF COMMUNICATIONS DEPARTMENT, Media Relations. E-mail: media@imf.org. Phone: 202-623-7100\n- On March 12, 2014, the Executive Board of the International Monetary Fund (IMF) reviewed recent developments in anti-money laundering and combating the financing of terrorism (AML/CFT) and discussed proposals for the Fund’s future Strategy on AML/CFT.\n- Historical focus: For more than a decade, the Fund’s AML/CFT program emphasized AML/CFT assessments (as part of the Reports on the Observance of Standards and Codes (ROSC) program and of the Financial Sector Assessment Program (FSAP)) and capacity development activities.\n- Recent evolution: AML/CFT issues have been increasingly included in surveillance and Fund-supported programs."
    },
    {
      "heading": "Changes in international standards and assessment practices",
      "content": "- The Financial Action Task Force (FATF) revised the AML/CFT standard in 2012 and adopted a common assessment methodology and procedures in 2013.\n- FATF quality-control measures adopted:\n  - stronger quality controls for its own assessments;\n  - ensured comparable measures are adopted by the FATF-Style Regional Bodies (FSRBs);\n  - established an ex post review mechanism to address sub-quality reports.\n- Under current policy, every FSAP should be associated with an AML/CFT assessment:\n  - frequency: approximately every five years;\n  - timing: to the extent possible, within 18 months before or after the relevant FSAP mission.\n- Alignment challenges: Despite coordination attempts, it has not always been possible to align FATF/FSRB assessments with FSAP schedules and to provide useful input into the FSAP."
    },
    {
      "heading": "Executive Board assessment — findings and positions",
      "content": "- Directors welcomed the opportunity to review the Fund’s strategy on AML/CFT and agreed that the Fund’s work has significantly contributed to the international community’s response to money laundering and the financing of terrorism.\n- Cooperation: Directors encouraged continued cooperation with the World Bank, the FATF and the FSRBs.\n- Endorsement: Directors endorsed the revised FATF standard and the new assessment methodology for the Fund’s operational work, noting the greater attention to risks and country context.\n- Macro-financial relevance: Directors noted that deficiencies in a country’s AML/CFT regime can have important implications for macroeconomic and financial stability.\n  - Broad support for including financial integrity issues in Article IV consultations and Fund-supported programs when critical to financing assurances or program objectives.\n  - Some Directors emphasized the need for evenhandedness in coverage of these issues.\n- Quality and burden sharing:\n  - Directors reaffirmed that AML/CFT assessments are an important part of the ROSC and FSAP programs and stressed ensuring adequate quality across assessor bodies.\n  - With FATF/FSRB network expansion, the Fund increasingly draws upon FATF/FSRB assessments under burden sharing arrangements.\n  - Directors welcomed FATF steps to strengthen quality and consistency controls and encouraged staff participation in review mechanisms, as resources permit.\n- Conversion of assessments into ROSCs:\n  - A number of Directors supported or were open to limiting conversion of FATF/FSRB assessments into ROSCs to the FSAP context where assessments have undergone satisfactory quality and consistency review and are not clearly deficient.\n  - Many other Directors, representing a majority of the Board, preferred to continue converting all assessments into ROSCs, underscoring that FATF’s strengthened controls will ensure requisite quality standards.\n  - Decision: the current system of converting all assessments into ROSCs following a pro forma review will be maintained.\n- AML/CFT input into FSAPs:\n  - Directors stressed importance of timely and accurate AML/CFT input into every FSAP.\n  - Preferred basis: comprehensive quality AML/CFT assessments and, in due course, targeted updates/ROSCs, consistent with approach under other standards and codes.\n  - Directors encouraged assessor bodies to align assessment schedules with FSAPs.\n  - Staff will supplement ROSC-derived information if necessary to ensure accuracy.\n  - Where comprehensive assessments or targeted updates are not available, staff may derive key findings on the basis of other sources of information."
    },
    {
      "heading": "Resource implications and operational adjustments",
      "content": "- Directors noted resource implications from:\n  - (i) increased inclusion of AML/CFT issues in surveillance and Fund-supported programs,\n  - (ii) assessments under the revised methodology,\n  - (iii) staff participation in strengthened quality and consistency controls.\n- In light of the overall budget situation, most Directors considered it appropriate for staff to reduce the number of Fund-led comprehensive assessments to two or three per year."
    },
    {
      "heading": "Forward-looking items",
      "content": "- Directors noted that the next review of the AML/CFT program would be expected to be completed within the next four years.\n\nInternational Monetary Fund\n\n---\n\n Content in this bundle\n\n- 022014apdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Releases\n- PRESS CENTER\n- http://www.imf.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2015/09/14/01/49/pr14167"
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    "Published: April 11, 2014",
    "Press Release No. 14/167",
    "Date: April 11, 2014",
    "Media contact: IMF COMMUNICATIONS DEPARTMENT, Media Relations. E-mail: media@imf.org. Phone: 202-623-7100",
    "On March 12, 2014, the Executive Board of the International Monetary Fund (IMF) reviewed recent developments in anti-money laundering and combating the financing of terrorism (AML/CFT) and discussed proposals for the Fund’s future Strategy on AML/CFT.",
    "Historical focus: For more than a decade, the Fund’s AML/CFT program emphasized AML/CFT assessments (as part of the Reports on the Observance of Standards and Codes (ROSC) program and of the Financial Sector Assessment Program (FSAP)) and capacity development activities.",
    "Recent evolution: AML/CFT issues have been increasingly included in surveillance and Fund-supported programs.",
    "The Financial Action Task Force (FATF) revised the AML/CFT standard in 2012 and adopted a common assessment methodology and procedures in 2013.",
    "FATF quality-control measures adopted:",
    "Under current policy, every FSAP should be associated with an AML/CFT assessment:",
    "Alignment challenges: Despite coordination attempts, it has not always been possible to align FATF/FSRB assessments with FSAP schedules and to provide useful input into the FSAP.",
    "Directors welcomed the opportunity to review the Fund’s strategy on AML/CFT and agreed that the Fund’s work has significantly contributed to the international community’s response to money laundering and the financing of terrorism.",
    "Cooperation: Directors encouraged continued cooperation with the World Bank, the FATF and the FSRBs.",
    "Endorsement: Directors endorsed the revised FATF standard and the new assessment methodology for the Fund’s operational work, noting the greater attention to risks and country context.",
    "Macro-financial relevance: Directors noted that deficiencies in a country’s AML/CFT regime can have important implications for macroeconomic and financial stability.",
    "Quality and burden sharing:",
    "Conversion of assessments into ROSCs:",
    "AML/CFT input into FSAPs:",
    "Directors noted resource implications from:",
    "In light of the overall budget situation, most Directors considered it appropriate for staff to reduce the number of Fund-led comprehensive assessments to two or three per year.",
    "Directors noted that the next review of the AML/CFT program would be expected to be completed within the next four years.",
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    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[http://www.imf.org/external/np/sec/misc/qualifiers.htm](https://www.imf.org/external/np/sec/misc/qualifiers.htm)",
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