Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Progress Reports
The IMF and the Fight Against Money Laundering and the Financing of Terrorism, A Factsheet
IMF Advances Efforts to Combat Money Laundering
and Terrorist Finance, August 8, 2002
More on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
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Report on the Outcome of the FATF Plenary Meeting and
Proposal for the Endorsement of the Methodology for Assessing Compliance
with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Standard
Prepared by the Monetary and Exchange Affairs Department and Legal Departments
November 8, 2002
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text of the 511k pdf file.
Contents
- Introduction
- Background
- Outcome from the FATF Plenary Meeting
- Proposed Decisions for Directors
Annex I: Letter from the President of the FATF to the Managing Director of the IMF, October 24, 2002
Annex II: 1. AML/CFT Assessment Methodology
1.1. Background to Methodology
1.2. The Structure of the Methodology Document
1.3. Other conditions necessary for an effective AML/CFT system
2. The AML/CFT Assessment Criteria
2.1. Criminal Justice Measures and International Co-Operation
- Criminalisation of ML and FT
- Confiscation of proceeds of crime or property used to finance terrorism
- The FIU and processes for receiving, analysing, and disseminating
financial information and other intelligence at the domestic and international
levels
- Law enforcement and prosecution authorities, powers and duties
- International Co-operation
2.2. Preventive Measures For Financial Institutions
2.2.1. All financial institutions - the legal and institutional
framework and its effective implementation
- General Framework
- Customer identification
- Ongoing monitoring of accounts and transactions
- Record keeping
- Suspicious transactions reporting
- Internal controls, Compliance and Audit
- Integrity standards
- Enforcement powers and sanctions
- Co-operation between supervisors and other competent authorities
2.2.2. Banking sector: sector-specific criteria
- Customer identification
- On-going monitoring of accounts and transactions
- Record keeping
- Internal controls, compliance and audit
- Enforcement powers and sanctions
- Co-operation between supervisors and other competent authorities
2.2.3. Insurance sector: sector-specific criteria
- Customer identification
- Ongoing monitoring of accounts and transactions
- Record keeping
- Suspicious transaction reporting
- Internal controls, Compliance and Audit
2.2.4. Securities sector: sector-specific criteria
- Customer identification
- Record keeping
- Internal controls, Compliance and Audit
- Integrity standards
- Enforcement powers and sanctions
- Co-operation between supervisors and other competent authorities
2.3. Information on controls and monitoring of cash and cross border
transactions
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