1. Edward F. X. Gilbride, Counsel Federal Deposit Insurance Corporation
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 Laundering Efforts/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:

4. 40 Recommendations/Basic Obligations
Global Anti-Money Laundering Efforts/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. Evaluations/Monitoring Implementation of 40 Recommendations
Global Anti-Money Laundering Efforts/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. Regional Bodies (CFATF, APG, etc.)
Global Anti-Money Laundering Efforts/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 Laundering Efforts/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 Laundering Efforts/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, th Street. NW, Washington, DC 20429
Phone: