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.
The Wolfsberg Group
The Wolfsberg Group is an association of eleven global banks, which aims to develop financial services industry standards, and related products, for Know Your Customer, Anti-Money Laundering and Counter Terrorist Financing policies.
The IMF’s efforts in AML/CFT has helped shape international AML/CFT policies. This includes over 70 AML/CFT assessments, involvement in Article IV and input into the design of AML/CFT-related program measures, a large number of technical assistance, and research projects. The IMF’s broad experience in conducting financial sector assessments, exercising surveillance over members’ economic systems and providing technical assistance to its member countries has been particularly helpful in evaluating countries’ compliance with the international AML/CFT standard and in developing programs to help them address identified shortcomings.
World Bank-Financial Market Integrity Group
Programs on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) are essential elements of the World Bank’s development mandate in the financial sector. They relate to, and reinforce, the Bank’s complementary work on governance and legal framework issues.