comprehensive and integrated approach to conducting assessments.
Decisions by both the IMF and the World Bank Boards are required on the modalities of AML/CFTwork in FSAPs and OFC assessments, including in particular, on whether to:
Continue to collaborate with the FATF in view of the confirmation that it has no plans at present to undertake a further round of the Non-Cooperative Countries and Territories’ (NCCT) exercise.
Endorse the revised FATF Recommendations as the new standard for which Reports on the Observance of Standards and Codes (ROSCs) are prepared and
Front Matter Page INTERNATIONAL MONETARY FUND AND WORLD BANK
Anti-Money Laundering and Combating the Financing of Terrorism: Observations from the Work Program and Implications Going Forward
IMF: Monetary and Financial Systems and Legal Departments World Bank: Financial Sector Vice-Presidency
IMF: Stefan Ingves and Sean Hagan World Bank: Cesare Calari
August 31, 2005
II. The AML/CFTWork Program—Assessments, TA, and Policy Development
210 TA projects, including 169 delivered in the field. TA coordination with external partners continues to be a key objective of Fund/Bank efforts. The demand for TA has increased inter alia because of the need to implement the new requirements and because of the increased awareness of AML/CFT issues.
Policy development work has been an integral part of the intensive AML/CFTwork program . Initiatives include the need to document international practices in the new sectors covered by the standard, the approaches to be applied in the implementation of the standard
FINANCIAL SECTOR ASSESSMENT PROGRAM
A. AML/CFT Assessments
B. The Fund’s AML/CFT CD Program
CONCLUSION AND RECOMMENDATIONS
ISSUES FOR DISCUSSION
1. Impact of ML/TF or Related Predicate Crimes on Members’ Financial Systems or the Broader Economy
2. Selected Cases of AML/CFT Inclusion in Article IV Consultations
3. Examples of Fund-Supported Programs with Financial Integrity-Related Conditionality
4. Example of Synergies Between FSAP