IMF publishes new fact sheet on its role in AML/CFT efforts

The International Monetary Fund (IMF) has published a new fact sheet on its work helping shape policies on anti-money laundering (AML) combatting the financing of terrorism (CFT) and counter-proliferation financing internationally and within its members’ national frameworks.

The fact sheet, The IMF and the fight against money laundering and terrorism financing, explains why the fund is concerned about money laundering and terrorism financing and what the UN’s major financial agency and international financial institution does to combat money laundering and terror financing.

Surveillance programme

The IMF’s bilateral surveillance programme is outlined in the fact sheet. The programme evaluates countries’ compliance with international AML/CFT standards and helps them develop programmes to address shortcomings.

The fact sheet also explains that AML/CFT is considered through other IMF work, including its financial sector assessment programme; incorporation into the fund’s lending programmes in certain cases, and carrying out of AML/CFT assessments and capacity development activities with its members.

Impact assessments

The IMF analyses the impact of developments such as the withdrawal of correspondent banking relationships from a financial integrity perspective; costs of and mitigating strategies for corruption; illicit financial flows; Islamic finance; virtual currencies, and fintech.

The fund operates a donor-supported trust fund known as the AMLFT, the first in a series of thematic funds, to finance capacity development in AML/CFT according to the fact sheet.

It also highlight’s the fund’s role in relation to the Financial Action Task Force, which the IMF sees as the international organisation with primary responsibility for developing worldwide AML/CFT standards.

The fact sheet, The IMF and the fight against money laundering and terrorism financing, can be found here.


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