International Legal

Some Principles of International Financial Sector Supervision:

For financial institutions subject to prudential supervision based on the Basel Committee (Basel Core Principles for Effective Banking Supervision), IOSCO (International Organization of Securities
Commission), or IAIS (International Association of Insurance Supervisors) standards, the AML/CFT regulatory and supervisory measures that are applied to financial institutions as a matter of prudential regulation are also applied as a matter of implementation of the FATF standards under the 2003 Recommendations. The three groups of supervisors coordinate their own efforts to combat money laundering and terrorist financing, using the FATF common standards as the basis of their work. The Basel Committee and the IAIS Core Principles contain an explicit reference to the FATF Recommendations; whereas the substance of the standard also leads back to the FATF Recommendations, in the case of the IOSCO Principles.

Model Laws in the areas of AML CFT
* The United Nations Model Bill on Money Laundering, Proceeds of Crime and Terrorist Financing (2003) (for common law countries),
* The United Nations Model Legislation on Laundering, Confiscation and International Cooperation in Relation to the Proceeds of Crime (1999) (for civil law countries),
* the Commonwealth Model Law for the Prohibition of Money Laundering (1996) (for common law countries),
* the OAS (Organization of American States) Model Regulations Concerning Laundering Offenses Connected to Illicit Drug Trafficking and Other Serious Offenses (December 2002)