FATF and FSRBs are free-standing organisations. There is no organisational hierarchy between FATF and the FSRBs, and an FSRB can otherwise exist for other purposes, even though recognition as an “FATF-style body” is the conditio sine qua non for being considered an FSRB. The FATF and FSRBs are unique, each brings different needs and experiences to the table that help to strengthen the overall AML/CFT effort.
Despite the autonomy of the FATF and individual FSRBs from one another, they share a common goal in combating money laundering and terrorist financing and in fostering effective AML/CFT systems. In concrete terms, they do this as assessor bodies through mutual evaluation processes and follow-up procedures. They also work toward a common goal in identifying and addressing threats to the financial system. The common objectives of the FATF and FSRBs make them part of a larger whole, thus the success or failure of one organisation necessarily affects all of them.
FATF and FSRBs operate on the basis of (mutual or joint or common) recognition of their work, which implies that FSRBs and FATF put in place similar mechanisms for meaningful participation and involvement into each other’s activities.
The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
•Asia/Pacific Group on Money Laundering (APG)
The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organisation founded in 1997 in Bangkok, Thailand consisting of 41 members and a number of international and regional observers. Some of the key international organisations who participate with, and support, the efforts of the APG in the region include the Financial Action Task Force, International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, Asian Development Bank and the Egmont Group of Financial Intelligence Units.
•Caribbean Financial Action Task Force (CFATF)
The Caribbean Financial Action Task Force (CFATF) is an organisation of twenty-nine states of the Caribbean Basin , which have agreed to implement common countermeasures to address the problem of criminal money laundering. It was established as the result of meetings convened in Aruba in May 1990 and Jamaica in November 1992.
•Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – MONEYVAL (formerly PC-R-EV) was established in 1997 and its functioning was regulated by the general provisions of Resolution Res(2005)47 on committees and subordinate bodies, their terms of reference and working methods.
•Eurasian Group (EAG)
The Eurasian group on combating money laundering and financing of terrorism (EAG) is a FATF-style regional body uniting Belarus, India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Turkmenistan and Uzbekistan. 16 more states and 17 international and regional organizations have observer status within the EAG.
•Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG)
•Intergovernmental Action Group against Money-Laundering in Africa (GIABA)
The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) was established by the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government in the year 2000.
•Financial Action Task Force on Money Laundering in South America (GAFISUD)
GAFISUD is a regionally based inter governmental organization that gathers 12 countries from South America, Central America and North America in order to combat money laundering and terrorist financing by means of a commitment for continuous improvement of the national policies against both scourges, and the enhancement of different cooperation mechanisms among its member countries.
It was formally created on 8th December 2000 in Cartagena de Indias, Colombia when the Memorandum of Understanding was signed by government representatives from nine countries: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay. Mexico (2006), Costa Rica and Panama (2010) joined as plenary members at a later stage.
The group has legal capacity and diplomatic status in the Argentine Republic where its Secretariat is located.
•Middle East and North Africa Financial Action Task Force (MENAFATF)
at an inaugural Ministerial Meeting held in Manama, Bahrain on the 30th of November 2004, the Governments of 14 countries decided to establish MENAFATF as a FATF Style Regional Body (FSRB).
It was agreed that the headquarter of this body will be in the Kingdom of Bahrain.
The MENAFATF is voluntary and co-operative in nature and is established by agreement between its members. It does not derive from an international treaty. It is independent of any other international body or organization and sets its own work, rules and procedures. Its work, rules, and procedures will be determined by consensus between its members and it will co-operate with other international bodies, notably the FATF to achieve its objectives.