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International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in the People’s Republic of China (China)1 as at the date of the onsite visit (July 9–27, 2018). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of China’s AML/CFT system and provides recommendations on how the system could be strengthened. China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established.
International Monetary Fund. Legal Dept.
• China has undertaken a number of initiatives since 2002 that have contributed positively to its understanding of ML/TF risk, although some important gaps remain. Its framework for domestic AML/CFT cooperation and coordination is well established. • China’s decentralized financial intelligence unit (FIU) arrangement consisting of China Anti-Money Laundering Monitoring and Analysis Center (CAMLMAC), Anti-Money Laundering Bureau (AMLB), and 36 People’s Bank of China (PBC) provincial branches has high potential to produce financial intelligence that supports the operational needs of competent authorities, but its current functioning results in incomplete access by all parts of the FIU to all data, fragmented analysis and disseminations, and limits the development of a holistic view. Therefore, major improvements are needed.
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Colombia as at the date of the onsite visit (June 5 to 22, 2017). It analyzes the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Colombia’s AML/CFT system, and provides recommendations on how the system could be strengthened.
International Monetary Fund. Legal Dept.
This report summarizes the anti–money laundering and combating the financing of terrorism measures in place in Canada. The Canadian authorities have a good understanding of most of Canada’s money laundering and terrorism financing risks. Some financial intelligence and other relevant information are accessible by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC); law enforcement agencies have greater access. FINTRAC receives a wide range of information, which it uses adequately, but some factors limit the scope and depth of the analysis it is authorized to conduct.
International Monetary Fund. Monetary and Capital Markets Department
This paper sets out the findings and recommendations in the selected areas of Germany’s Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime made in the context of the Financial Sector Assessment Program. It summarizes the findings of a targeted review of Germany’s money laundering offense, measures to ensure the transparency of legal persons, and the implementation of AML/CFT measures by banks with cross-border operations. According to the 2010 Mutual Evaluation Report, Germany is vulnerable to ML and FT for following reasons: its strategic location in Europe and large economy, open financial center, open borders, and strong international linkages.
International Monetary Fund. Monetary and Capital Markets Department
This paper sets out the findings and recommendations made in the context of the 2016 Financial Sector Assessment Program for the United Kingdom in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). Since the 2011 FSAP, steps have been taken to strengthen the AML/CFT regime. Although significant progress has been made since the United Kingdom’s 2007 mutual evaluation against the previous Financial Action Task Force standard, the authorities are now in the process of bringing their AML/CFT framework in line with the prevailing standard, which was revised in 2012. The United Kingdom has recently adopted a comprehensive reform package to enhance entity transparency.
International Monetary Fund. Legal Dept.
This report provides a summary of the anti-money laundering and combating the financing of terrorism (AML/CFT) measures in place in Italy as at the date of the onsite visit. It analyzes the level of compliance with the Financial Action Task Force recommendations and the level of effectiveness of Italy's AML/CFT system, and provides recommendations on how the system could be strengthened. Italy has a mature and sophisticated AML/CFT regime, with a correspondingly well-developed legal and institutional framework. Law enforcement agencies access, use, and develop good quality financial intelligence. Financial sector supervisors have been using a risk-based approach to varying degrees, but their supervisory tools could be improved.
International Monetary Fund. Legal Dept.
This paper provides a summary of the anti-money laundering/combating the financing of terrorism (AML/CFT) measures in place in Italy and of the level of compliance with the Financial Action Task Force 40 (FATF 40) recommendations and the level of effectiveness, and contains recommendations on how the AML/CFT system could be strengthened. The assessment is based on the information available at the time of the mission from January 14–30, 2015, and other verifiable information subsequently provided by the authorities. It was conducted using the 2013 assessment methodology. The Detailed Assessment Report on which this document is based was adopted by the FATF Plenary on October 22, 2015.
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note discusses findings and recommendations made in the Financial Sector Assessment Program (FSAP) for South Africa in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The AML/CFT supervisory framework for the financial sector, in particular the banking sector, has been strengthened by the amended Financial Intelligence Center (FIC) Act that took effect in 2010 and the creation of the AML/CFT supervision team within Banking Supervision Department (BSD) of the South African Reserve Bank (SARB). Significant technical deficiencies remain, such as the absence of requirements to identify and verify the identity of beneficial owners of customers and to apply enhanced diligence to high-risk situations.
International Monetary Fund. Legal Dept.
The Georgian antimoney laundering (AML) and combating the financing of terrorism (CFT) regime has significantly improved since 2007. However, technical deficiencies, poor implementation, and limited resources undermine the effectiveness of the financial intelligence unit (FIU) and AML/CFT supervision. The country has a comprehensive legal framework in place criminalizing both ML and FT as autonomous offenses and no shortcomings have been identified. It has also established a framework to implement the relevant United Nations Security Council Resolutions (UNSCRs).