1 / 10

Edward F. X. Gilbride, Counsel Federal Deposit Insurance Corporation Financial Crimes Unit

East and Southern Africa Banking Supervisors Group (ESAF) Head of Supervision IMF/World Bank Workshop . Presentation on the Global Anti-Money Laundering Efforts of the Financial Action Task Force . Edward F. X. Gilbride, Counsel Federal Deposit Insurance Corporation Financial Crimes Unit

shamus
Download Presentation

Edward F. X. Gilbride, Counsel Federal Deposit Insurance Corporation Financial Crimes Unit

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. East and Southern Africa Banking Supervisors Group (ESAF) Head of Supervision IMF/World Bank Workshop Presentation on the Global Anti-Money Laundering Efforts of the Financial Action Task Force Edward F. X. Gilbride, Counsel Federal Deposit Insurance Corporation Financial Crimes Unit June 27, 2001

  2. Financial Action Task Force • Background/ 1989-Present • 40 Recommendations • Mutual Evaluations • Regional Bodies (CFATF, APG, etc.) • Egmont Group/Financial Intelligence Units • Non-Cooperating Countries and Territories

  3. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • Background • Established by G-7 in 1989 • Issued 40 Recommendations Report in 1990 • Membership • Ongoing Plenary Meetings and Evaluations • Money Laundering Typologies Reports • Updates in 1996/Ongoing Work • Web Site: www.oecd.org/fatf

  4. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • 40 Recommendations/Basic Obligations • Make Money Laundering a Crime • Know your customer • Report Suspicious Activities • Adequate Supervision of Institutions • International Cooperation

  5. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • Evaluations/Monitoring Implementation of 40 Recommendations • Self Evaluation by Member Country (yearly) • Mutual Evaluations (two rounds completed) • Review of 40 recommendations currently underway

  6. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • Regional Bodies (CFATF, APG, etc.) • Regional Coordination • Typologies Exercises • Development of the Eastern and Southern Africa Anti-Money Laundering Group • Creation of a regional group in Central Africa

  7. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • Egmont Group/Financial Intelligence Units (FIUs) • Maintain Suspicious Activities Databases • Receive, Analyze and Disseminate Financial Disclosure Information /Share with other FIUs • 53 Countries with FIUs • Procedure for Establishing FIUs

  8. Global Anti-Money LaunderingEfforts/Financial Action Task Force (FATF) • Non-Cooperating Countries and Territories Project • 25 Criteria Areas: (a: Loopholes in financial regulations; b: Obstacles raised by other regulatory requirements; c: Obstacles to International Cooperation; d: Resources) • ID Countries with Serious Deficiencies • Ongoing Monitoring and Countermeasures

  9. IMF/World Bank-FATF Developments on Money Laundering • Meetings with FATF • Recognition of FATF 40 Recommendations as an International Standard • Policy Paper: “Enhancing Contributions to Combating Money Laundering” • Next Steps

  10. Time for Questions, Comments and Discussion: • Contact Information: • Edward F.X. Gilbride • Counsel, Legal Division, Financial Crimes Unit, Federal Deposit Insurance Corporation, 550 17th Street. NW, Washington, DC 20429 • Phone: 202.736.0596 • Email: egilbride@fdic.gov

More Related