Top Organisations Combatting Money Laundering: The Powerhouses of AML
Top Organisations Combatting Money Laundering
Financial Action Task Force (FATF)
FATF is an intergovernmental organisation. It sets international standards for combatting money laundering, terrorist financing, and proliferation financing (ML, TF, and PF).
The FATF has published 40 recommendations and 11 immediate outcomes for implementing its standards. It is done by conducting a mutual evaluation of the country’s Anti-Money Laundering (AML) efforts.
Australia is a founding member and an active member of the FATF.
Asia/Pacific Group (AGP) on Money Laundering
While FATF provides an overview of the global money laundering trends, the AGP on Money Laundering is a regional FATF-style body that facilitates regional cooperation between its member nations through technical assistance, training, mutual evaluation and active engagement in the global AML/CFT policy development.
Australia serves as the permanent co-chair of the AGP on Money Laundering with the AGP secretariat formally established in Sydney.
Bank for International Settlement (BIS)
The Basel Committee on Banking Supervision at BIS is an important organisation setting regulatory standards for central banks worldwide, including the Reserve Bank of Australia and the Australian Prudential Regulation Authority.
The guidance issued by the Basel Committee on “sound management of risks related to money laundering and financing of terrorism” gives financial institutions insights on how to improve their AML compliance measures in line with the FATF recommendations.
The Egmont Group of Financial Intelligence Units (FIUs)
The Egmont Group is a common forum for FIUs from 177 countries and observers for exchanging financial intelligence and international cooperation to counter the risks of ML, TF, PF, and their predicate offences.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) is a founding member of the Egmont Group.
Organisation for Economic Cooperation and Development (OECD)
OECD, for its member countries, works with policymakers and other stakeholders to make policies for tackling common environmental, economic and social issues faced by its member countries.
Fighting financial crimes, such as money laundering and terrorist financing, is one of the focus areas in which the OECD works.
Australia is a member nation of the OECD.
Transparency International
Transparency International primarily works against corruption. The Australia chapter of Transparency International works to prevent illegal money from entering the country’s financial system.
It works to close the gap in Australia’s AML regulations that leave out the scope for illegal activities.
Association of Certified Anti-Money Laundering Specialists (ACAMS)
ACAMS offers professional certifications and also hosts international conferences which focus on Anti-Money Laundering (AML) compliance and their regulatory frameworks.
Individuals who want to build a career in AML compliance can improve their credentials by getting a Certified Anti-Money Laundering Specialist (CAMS) qualification.
Pacific Financial Intelligence Community (PFIC)
The Pacific Financial Intelligence Community (PFIC) is a platform for 15 Pacific FIUs. Member nations of the PFIC can collaborate on subjects like operational capabilities, research results, tech-sharing and capacity building.
The PFIC meets virtually and in person every two months on an annual basis. These meetings are co-chaired by AUSTRAC and Papua New Guinea’s FIU- Financial Analysis and Supervision Unit (FASU).
The Financial Intelligence Consultative Group (FICG)
FICG is a regional forum for FIUs from Australia, New Zealand, and Southeast Asia. The purpose of FICG is to promote, enhance, and strengthen AML/CFT collaboration for its members.
AUSTRAC is the permanent co-chair for FICG. Other partner country’s FIUs assume chairmanship position on a rotating basis.
Association of Certified Financial Crime Specialists (CFCS)
Anti-Money Laundering and Financial Crime (AMLFC) Institute
The AMLFC institute conducts partnerships with universities and professional organisations to counter financial crimes. It provides a range of certifications for AML, counter-terrorism financing, cybersecurity, fintech, and other regulations related to these subjects.
The institute also supports research programs which seek to improve AML practices and AML compliance frameworks.
International Money Laundering Information Network (IMoLIN)
IMoLIN is an online platform set up by the United Nations Office on Drugs and Crime (UNODC).
It gives access to online learning materials, training courses, and case law databases to improve law enforcement across the world.
Stolen Asset Recovery Initiative (StAR)
StAR is funded jointly by the United Nations and the World Bank.
It assists victims of fraud and other financial crimes in recovering their stolen assets. It also helps countries fight corruption and increase accountability.
International Consortium of Investigative Journalists (ICIJ)
Association of Certified Fraud Examiners (ACFE)
Top Organisations Combatting Money Laundering: In Summary
About the Author
Jyoti Maheshwari
CAMS, ACA
Jyoti has over 7+ years of hands-on experience in regulatory compliance, policymaking, risk management, technology consultancy, and implementation. She holds vast experience with Anti-Money Laundering rules and regulations and helps companies deploy adequate mitigation measures and comply with legal requirements. Jyoti has been instrumental in optimizing business processes, documenting business requirements, preparing FRD, BRD, and SRS, and implementing IT solutions.
