Alternative Dispute Resolution Course

1
East and Southern Africa Banking Supervisors
Group (ESAF) Head of Supervision IMF/World Bank
Workshop
Presentation on the Global Anti-Money Laundering
Efforts of the Financial Action Task Force
Edward F. X. Gilbride, Counsel Federal Deposit
Insurance Corporation Financial Crimes Unit June
27, 2001
2
Financial Action Task Force

• Background/ 1989-Present
• 40 Recommendations
• Mutual Evaluations
• Regional Bodies (CFATF, APG, etc.)
• Egmont Group/Financial Intelligence Units
• Non-Cooperating Countries and Territories

3
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• Background
• Established by G-7 in 1989
• Issued 40 Recommendations Report in 1990
• Membership
• Ongoing Plenary Meetings and Evaluations
• Money Laundering Typologies Reports
• Updates in 1996/Ongoing Work
• Web Site www.oecd.org/fatf

4
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• 40 Recommendations/Basic Obligations
• Make Money Laundering a Crime
• Know your customer
• Report Suspicious Activities
• Adequate Supervision of Institutions
• International Cooperation

5
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• Evaluations/Monitoring Implementation of 40
  Recommendations
• Self Evaluation by Member Country (yearly)
• Mutual Evaluations (two rounds completed)
• Review of 40 recommendations currently underway

6
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• Regional Bodies (CFATF, APG, etc.)
• Regional Coordination
• Typologies Exercises
• Development of the Eastern and Southern Africa
  Anti-Money Laundering Group
• Creation of a regional group in Central Africa

7
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• Egmont Group/Financial Intelligence Units (FIUs)
• Maintain Suspicious Activities Databases
• Receive, Analyze and Disseminate Financial
  Disclosure Information /Share with other FIUs
• 53 Countries with FIUs
• Procedure for Establishing FIUs

8
Global Anti-Money LaunderingEfforts/Financial
Action Task Force (FATF)

• Non-Cooperating Countries and Territories Project
• 25 Criteria Areas (a Loopholes in financial
  regulations b Obstacles raised by other
  regulatory requirements c Obstacles to
  International Cooperation d Resources)
• ID Countries with Serious Deficiencies
• Ongoing Monitoring and Countermeasures

9
IMF/World Bank-FATF Developments on Money
Laundering

• Meetings with FATF
• Recognition of FATF 40 Recommendations as an
  International Standard
• Policy Paper Enhancing Contributions to
  Combating Money Laundering
• Next Steps

10
Time for Questions, Comments and Discussion

• Contact Information
• Edward F.X. Gilbride
• Counsel, Legal Division, Financial Crimes Unit,
  Federal Deposit Insurance Corporation, 550 17th
  Street. NW, Washington, DC 20429
• Phone [phone]
• Email egilbride_at_fdic.gov