Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Progress Reports

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Twelve-Month Pilot Program of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Assessments
Joint Report on the Review of the Pilot Program

Prepared by:
IMF: Monetary and Financial Systems and Legal Departments
World Bank: Financial Sector Vice-Presidency
and in consultation with other Fund and Bank Departments

March 10, 2004

Use the free Adobe Acrobat Reader to view the full text of the 656k pdf file.

Contents
Acronyms
 
Executive Summary
 
I.   Introduction
   
II.   The AML/CFT Pilot Program and Technical Assistance
  A.   Key Elements of the Pilot Program of Assessments
  B.   Assessments Included in the Pilot Program
  C.   Preliminary Findings regarding the Quality and Consistency of Assessments
  D.   AML/CFT Technical Assistance
   
III.   Lessons Learned
  A.   What has Worked Well
  B.   Areas where there is Need for Improvement
   
IV.   Going Forward
  A.   Revised FATF Recommendations and AML/CFT Assessment Methodology
  B.   Scope of Fund/Bank Involvement in AML/CFT Assessments
  C.   Resource Costs Estimates of the Options
  D.   AML/CFT Assessments in the FSAP and OFC Program
  E.   The Non-Cooperative Countries and Territories (NCCT) Initiative
 
V.   Issues for Discussion and Recommendations
 
Text Tables
1.   AML/CFT Assessments by the IMF and World Bank as Part of the Pilot
2.   AML/CFT Assessments by the FATF and FSRBs as Part of the Pilot
3.   Fund/Bank AML/CFT Technical Assistance
4.   Scope of Fund/Bank AML/CFT Accountability/Assessment Work
5.   Estimates of Direct Costs for Assessments and Technical Assistance under Three Options
6.   Estimate of Additional Resources for Assessments and Technical Assistance to the Fund Budget
7.   Estimate of Additional Resources for Assessments and Technical Assistance to the Bank Budget
8.   Required Additional Resources for Assessments under Revised Methodology
9.   Required Additional Resources for Technical Assistance under Revised Methodology
 
Figures
1.   Monthly TA Projects, January 2002-December 2003
2.   Type of Assistance, January 2002-December 2003
 
Boxes
1.   Proposals to Strengthen Quality and Integration of IAE Work on Fund/Bank-led Missions
2.   Options for Going Forward
3.   Assessment Criteria Relating to the Implementation of Criminal Justice Measures in the FATF Recommendations
4.   Taking on the IAE Criteria and Assessing Nonmacroeconomically Relevant Sectors: Issues for the Bank and Fund
 
Annexes
I.   Recent Developments of the FSRBs
II.   Findings from the AML/CFT Assessments
III.   Letter from the FATF President to Mr. Köhler
IV.   Letter from the FATF President to Mr. Wolfensohn
V.   Abstracts of the Sections Drafted by the IAE in a Recent ROSC