ML/TF pose significant threats to the global financial system and the stability of economies around the world. To combat these illicit activities, several international bodies have been established to set standards and promote cooperation among countries.
These include:
1. The FATF
The FATF is the global standard setter for combatting money laundering, terrorist financing, and proliferation of weapons of mass destruction (ML/TF/PF), issuing 40 recommendations and monitoring member progress with the help of regional bodies
2. The Basel Committee on banking supervision
The Basel Committee is an international organization that sets global standards for banking supervision and regulation to promote financial stability in the global banking system.
The standards it provides strengthen the interaction and cooperation between prudential ML/TF supervisors and are consistent with the FATF standards.
3. The Wolfsberg Group
An association of thirteen global banks aiming to develop guidance for mitigating financial crime risks. Materials published by the Wolfsberg Group are designed to provide financial institutions with an industry perspective on effective financial crime risk management.
4. Transparency International
A non-governmental, not-for-profit organization which, through research and campaigns, aims to eliminate corruption and promote transparency and integrity across all sectors of society.
5. The Egmont Group
A body which is comprised of 155 Financial Intelligence Units (FIUs) all over the world. It provides a platform for the secure exchange of information, contributing to the international efforts to combat ML/TF.
6. United Nations Office on Drugs and Crime (UNODC)
A global organization that works to combat drug trafficking, organized crime, corruption, and terrorism. It has a program with the purpose to strengthen the ability of its members to implement measures against ML/TF and to assist them in detecting, seizing and confiscating illicit proceeds.
7. Joint Money Laundering Steering Group (JMLSG)
The JMLSG is a private sector body composed of leading UK Trade Associations in the financial services industry. JMLSG produces guidance (JMLSG Guidance) to assist financial institutions in complying with UK’s AML/CFT legislation and regulations.
