Financial Action Task Force of South America Against Money Laundering (GAFISUD)

Members:

• Argentina
• Bolivia
• Brazil
• Chile
• Colombia
• Ecuador
• Mexico
• Paraguay
• Peru
• Uruguay

Advisory Members:

Organization of American States (OAS) / Inter-American Drug Abuse Control Commission (CICAD)

Observer Jurisdictions:

• France
• Germany
• Portugal
• Spain
• United States

Observer Organisations:

• Egmont Group of Financial Intelligence Units
• Inter-amercian Development Bank
• United Nations
• World Bank

Background on the GAFISUD

The purpose of the Financial Action Task Force of South America (GAFISUD) is to work toward developing and implementing a comprehensive global strategy to combat money laundering and terrorist financing as set out in the FATF Forty Recommendations and FATF Nine Special Recommendations.  The effort includes encouraging the creation of the offence of money laundering in relation to serious crimes, the development of legal systems to effectively investigate and prosecute these offences, the establishment of systems for reporting suspicious transactions, the promotion of mutual legal assistance.  GAFISUD also fosters the training of persons involved in anti-money laundering efforts.  GAFISUD enables regional factors to be taken into account in the implementation of anti-money laundering measures.

The origins of GAFISUD go back to ongoing efforts to integrate anti-money laundering efforts in South America and was encouraged by the creation of other anti money-laundering regional groups that were established following the FATF model.  GAFISUD was created on 8 December 2000 in Cartagena, Colombia by means of a memorandum of understanding by representatives of the governments of nine South American countries.  The Organization of American States (OAS) is also a member in an advisory capacity through the Inter-American Commission against Drug Abuse (CICAD).  Following the events of 11 September 2001, GAFISUD expanded its scope to include the countering of terrorist financing.

GAFISUD is committed to carrying out mutual evaluations and co-ordinating anti-money laundering training and educational efforts in the region.  Its work mandate is set out in a memorandum of understanding containing specific terms of reference for the group.  GAFISUD is supported by a Secretariat, which serves as the focal point for its activities.

GAFISUD became and Associate Member of the FATF in 2006. 

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