For the past two decades or so, the International Monetary Fund (IMF) has been supporting many governments’ efforts to intensify the fight against money laundering and the financing of terrorism, in close cooperation with its members and with the Financial Action Task Force (FATF). Part of the IMF’s work when it comes to these illegal practices consists of implementing the measures known as AML/CFT, which aim to allow for the identification of suspicious financial flows.
However, the IMF is aware of the fact that protecting the financial systems from criminal misuse is going to require more work, as well as enhanced international cooperation, especially in the following three areas: the fight against corruption and tax evasion, the promotion of effective ways to combat the financing of terrorism and the facilitation of the access to correspondent-banking services for small and fragile economies. The Fund is currently focusing on the development of practical solutions, by involving the various stakeholders. So far, it has provided 120 countries with technical assistance on AML/CFT.