Across the world, new measures are being introduced to combat money laundering and the financing of terrorism. All financial service providers, including those working with low-income communities, are—or will be—affected by these measures. This paper summarizes the implications of the international framework for anti-money laundering (AML) and combating the financing of terrorism (CFT) for ...
ML Money laundering MTO Money transfer operators PEP Politically exposed person STR Suspicious-transaction report WBG World Bank Group . 1 Chapter 1 Introduction Background The International Finance Corporation (IFC) is the private sector arm of the World Bank Group
Focuses on money laundering risks. There is an additional module for assessing terrorist financing risks. Can be customized to a country’s economic context. Balances the use of quantitative (data and statistics) and qualitative information (experience, anecdotal evidence, public or academic information, etc.)
The Financial Action Task Force is making significant strides in providing more granular guidance to country regulators on balancing anti-money laundering/combating the financing of terrorism (AML/CFT) regulations with financial inclusion goals. This guidance impacts financial service providers in several ways.
It provides a rigorous analysis of asset laundering relating to drug trafficking in the country. The methodology, used in combination with anti-money laundering systems and mutual evaluation reports, aims to help policy makers estimate existing levels of money laundering and predicate the impact of policy choices on the value of money laundering.
With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Our technical assistance in anti-money laundering/countering the financing of terrorism (AML/CFT) offers innovative avenues for fighting crime and addressing the intersections of IFF and development—including as it pertains to human security, corruption, financial inclusion, and the ease of doing business.
AML/CFT regulation : implications for financial service providers that serve low-income people (الانكليزية) الخلاصة. Across the world, new measures are being introduced to combat money laundering and the financing of terrorism.
laundering and 9 special recommendations on combating the financing of terrorism.3 While each country may adapt the international AML/CFT standards developed by FATF in designing its national regulation, in general, financial service providers are required to do the following: l enhance their internal controls and staff training
Across the world, new measures are being introduced to combat money laundering and the financing of terrorism. All financial service providers, including those working with low-income communities, are-or will-be affected by these measures.