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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

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

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  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

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