East and Southern Africa Banking Supervisors Group (ESAF) Head of Supervision IMF/World

Bank Workshop

East and Southern Africa Banking Supervisors Group (ESAF) Head of Supervision IMF/World

Bank Workshop

Edward F. X. Gilbride, CounselEdward F. X. Gilbride, CounselFederal Deposit Insurance CorporationFederal Deposit Insurance Corporation

Financial Crimes UnitFinancial Crimes UnitJune 27, 2001June 27, 2001

Edward F. X. Gilbride, CounselEdward F. X. Gilbride, CounselFederal Deposit Insurance CorporationFederal Deposit Insurance Corporation

Financial Crimes UnitFinancial Crimes UnitJune 27, 2001June 27, 2001

Presentation on the Global Anti-Money Presentation on the Global Anti-Money Laundering Efforts of the Financial Action Laundering Efforts of the Financial Action

Task Force Task Force

Presentation on the Global Anti-Money Presentation on the Global Anti-Money Laundering Efforts of the Financial Action Laundering Efforts of the Financial Action

Task Force Task Force

Financial Action Task ForceFinancial 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

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(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

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(FATF)

40 Recommendations/Basic Obligations Make Money Laundering a Crime Know your customer Report Suspicious Activities Adequate Supervision of Institutions International Cooperation

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(FATF)

Evaluations/Monitoring Implementation of 40 Recommendations Self Evaluation by Member Country (yearly) Mutual Evaluations (two rounds completed) Review of 40 recommendations currently

underway

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(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

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(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

Global Anti-Money LaunderingGlobal Anti-Money LaunderingEfforts/Financial Action Task Force Efforts/Financial Action Task Force (FATF)(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

IMF/World Bank-FATF IMF/World Bank-FATF Developments on Money Developments on Money LaunderingLaundering

Meetings with FATF Recognition of FATF 40

Recommendations as an International Standard

Policy Paper: “Enhancing Contributions to Combating Money Laundering”

Next Steps

Time for Questions, Time for Questions, Comments and Discussion: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