Author:François Gianviti

In recent years, the IMF has become actively involved in international cooperation efforts to prevent the abuse of national financial systems and to protect and enhance the integrity of the international financial system. Since 2001, the IMF's involvement in these issues has been expanded beyond antimoney laundering measures to include efforts aimed at the suppression of the financing of terrorism. Although primary responsibility for the development and enforcement of measures to combat money laundering and the financing of terrorism will continue to rest with national authorities, the IMF is prepared to assist them in assessing the implementation of international standards related to members' anti-money laundering and combating the financing of terrorism (AML/CFT) frameworks, as well as in providing technical assistance in the form of advice.

In early 2001, the IMF, in cooperation with other organizations, began developing what was to become the Methodology for Assessing Compliance with Anti-Money Laundering and Combating the Financing of Terrorism Standards. The Methodology is an assessment tool to be used to assess the implementation of the Financial Action Task Force (FATF) Forty Recommendations on Money Laundering, as well as its Eight Special Recommendations on Terrorism Financing. The IMF, through the Special Financial Supervisory Issues Division of its Monetary and Financial Systems Department (MFDSF) and the AML/CFT Unit of the Legal Department, conducts assessments of domestic frameworks as they relate to anti-money laundering and combating the financing of terrorism. The AML/CFT Unit also carries out technical assistance work in the form of legislative drafting and training in AML/CFT matters.


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