CONCEPTS

HIGH-LEVEL COMMITMENT TO ADDRESS AML/CFT ISSUES?

 

The effectiveness and commitment to combat money laundering is obviously dependent upon the political will and support within the country, together with sufficient monies made available to pay for it. 


In the past FATF Mutual Evaluations have concentrated on the AML systems in place in the country but that focus shifted with the implementation of the 4th  round of mutual evaluations, wherein FATF adopted complementary approaches for assessing  technical  compliance  with  the  FATF Recommendations, and for assessing whether and how the AML/CFT system is effective.


Measures to determine the high-level commitment to address AML/CFT issues of any country would therefore begin by reviewing the last Mutual Evaluation Report published, especially if that report was conducted under the 4th round exercise, but also by looking at other factors such as political governance, the strength of regulation and supervision, the level of enforcement, anti-corruption measures, and the integrity of the country’s judicial system.