The fight against money laundering and the financing of terrorism and proliferation requires a global response. The work of the Global Network, which consists of the FATF and nine regional bodies as Associate Members (FATF-Style Regional Bodies, FSRBs), as well as observers, is crucial. The creation in 2005 of an Associate Membership category for FSRBs in the FATF was a milestone in the development of the Global Network. The objective remains to ensure that the FATF Recommendations are implemented worldwide with consistency, in order to protect the integrity of the global financial system and to support global security. The Global Network includes 206 jurisdictions each of which has committed at the highest political level to implementing the FATF Recommendations on Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT). The High-Level Principles & Objectives for FATF and FSRBs govern the relationships between FATF and FSRBs, and set out the operational structure of the Global Network, establishing reciprocal rights, obligations and expectations. As FATF Associate members, FSRBs are meant to support and participate in FATF’s work.
FATF and FSRBs share a common goal to prevent and combat money laundering (ML) and the financing of terrorism and proliferation (TF/PF), and to foster effective AML/CFT/CFP systems. FATF and each of the FSRBs have clear mandates and responsibilities to reach these common goals. FATF, with the support of FSRBs, sets the AML/CFT/CFP international Recommendations and acts as the guardian and arbiter of their application. FSRBs further support the actions of the FATF through their members’ application of FATF Recommendations. FATF and FSRBs assess the technical and effective implementation of the FATF Recommendations by their individual members, through mutual evaluation and follow-up processes.
Ahead of the next round of mutual evaluations, FATF and FSRBs have reflected on the current structure of the Global Network and agreed that, since its initial establishment, it has evolved substantially to a more cohesive and inter-related network. To this end, it is agreed that to more effectively leverage the expertise and work of the Global Network, a global, strategic vision would facilitate the achievement of its members’ common policy, research and operational objectives. The vision is described below. Within the framework of the strategic vision, FATF and FSRBs aim to enhance the Global Network’s cohesiveness and inclusiveness, and ensure that they each continue to benefit from the others’ expertise and inputs.
Over the years, the Global Network has achieved major progress towards a partnership between FATF and FSRBs that mutually reinforces each other’s work, in particular, the conduct of mutual evaluations pursuant to a common Methodology 2013 and Universal Procedures ; processes and procedures to ensure quality and consistency of the Global Network’s reports; ongoing technical and high-level dialogue between FATF and FSRBs; and open channels of communication between FATF and FSRBs to input into each other’s workstreams and activities. The strategic vision will build on these achievements and seek to improve further the cooperation between FATF and FSRBs.
In this context, the following strategic vision will support FATF and FSRBs’ collective efforts to achieve the common objectives of preventing and combating money laundering and the financing of terrorism and proliferation, and of fostering effective AML/CFT/CFP regimes:
This strategic vision will be periodically reviewed and updated to adapt to future developments and new circumstances. Once the strategic vision is approved by the FATF Ministerial meeting in April 2022, practical steps needed to implement it will be defined and agreed by the FATF Plenary, particularly in areas where work is needed to further improve FATF/FSRB cooperation and reach the objectives set by the strategic vision.