Front Matter Page INTERNATIONAL MONETARY FUND Integrating Stability Assessments Under the Financial Sector Assessment Program into Article IV Surveillance: Background Material Prepared by the Monetary and Capital Markets Department Approved by José Viñals August 27, 2010 Contents Glossary I. Introduction II. The Methodology for Identifying Jurisdictions with Systemically Important Financial Sectors A. Definition of Systemic Importance B. Data C. Methodology D. Results E. Interpretations and Caveats III. Frequency of
further action on the part of affected institutions; and •developing a process to identify jurisdictions that facilitate terrorist financing and making recommendations for actions to achieve cooperation from such countries. Enhanced sharing of information among financial intelligence units is also critical to cut off the flow of resources to terrorist organizations and their associates. We call on all countries to establish functional financial intelligence units as soon as possible. Financial supervisors and regulators around the world will need to redouble their
the list of jurisdictions with SIFS bringing the total number to 29 (the S29). 74. Staff’s in-depth analytical work suggests that the 2013 methodology remains appropriate to identify jurisdictions with SIFS (see IMF, 2019 ). The methodology incorporates the main lessons learned from past crises and captures cross-country interconnectedness through which shocks could lead to significant spillovers. More recent approaches to measuring systemic risk provide useful insights but have their drawbacks when it comes to measuring the systemic importance of financial
designated non-financial businesses and professions. 10 According to the FATF standard, enhanced due diligence measures include (i) obtaining additional information on the customer, intended nature of the business relationship, source of funds, and reasons for intended or performed transaction, (ii) obtaining approval of senior management to commence or continue the business relationship, and (iii) conducting enhanced monitoring ( FATF 2012 ). 11 The FATF issues two public documents three times a year identifying jurisdictions with weak AML/CFT measures