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International Monetary Fund


The experience of the International Monetary Fund in relation to non-member states illustrates the misleading character of any principle, however formulated, which suggests that states cannot be affected, to their advantage or disadvantage, by a treaty to which they are not parties.

Edgar Jones

obligations of its countries in a manner that prevents balance of payments restrictions from becoming a permanent part of the countries’ protective apparatus. Third, the collaboration has proved to be adaptable to the changing character of international trade and payments and to helping the advance of countries toward the general objectives of both charters. There is no doubt that in the 1950s (when Western European countries applied widespread discriminatory restrictions), the Fund findings to the effect that these restrictions could be eliminated without detriment to

International Monetary Fund. Legal Dept.

that lack transparency and used to launder money. The high use of cash and relatively large informal economy very significantly increases the risk that illicit proceeds may be rechanneled into the regulated formal economy. 3. The risk of TF appears to be relatively low . While domestic extremist groups exist, they are very fragmented and do not, at present, seem to pose a significant risk. The risk is mainly connected to independent individuals who are devoted to Jihad, operating through small cells that are primarily self-funded. Findings on Compliance and

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

to provide the information required under Article VIII, Section 5 may result in the Fund finding the member in breach of obligation and in the application of the sanctions specified in Article XXVI (as described in Section IV below). 4. While Article VIII, Section 5 is already being applied by the Fund (including in cases where certain required information has not been provided—see Box 1 ) there are a number of ways in which its effectiveness could be enhanced. The coverage of the data that members are specifically required to report to the Fund in the list set

International Monetary Fund

and establish a Medical Claims Support Fund. Finding sufficient funds to capitalize the new company will be a challenge, and haircuts or a rephasing of payments are likely to be part of the solution. 11 The mission recommended that the resolution of BAICO adhere to three principles: (i) avoiding systemic contamination; (ii) minimizing the fiscal costs to the extent possible, given the region’s high debt levels and related vulnerabilities; and (iii) giving priority to claims up to a low threshold to protect vulnerable groups. The financial difficulties of CLICO

International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper analyzes transmission of monetary policy rates to lending and deposit rates in Mexico. The results show that transmission of the policy rate to market rates is statistically significant in all cases, except for mortgage rates. For sight deposits, pass-through is low, with a 1 percentage point increase in the policy rate leading to a 0.2 percentage point rise in the deposit rate. For term deposits the pass-through is stronger, but remains below unity at 0.7. The pass-through to both lending and deposit rates is very rapid. The dynamic specifications show that pass-through is significant in either the current or the following month, and the long-term impact is achieved during the second month.