AML/CFT International Cooperation : The APG Group

In 1993 an Asia-Pacific regional office called the 'FATF-Asia Secretariat' was established and funded by the government of Australia. In cooperation with the Commonwealth Secretariat and other international bodies, the FATF-Asia Secretariat worked with countries in the region with funding from the government of Australia, and support from the FATF and the Commonwealth Secretariat, to generate regional commitment to implement anti-money laundering policies and initiatives and to secure agreement to establish a more permanent regional anti-money laundering body.  Symposia were held, referred to as the  'Asia Money Laundering Symposia,' in Singapore (1993), Malaysia (1994), and Japan (1995).  At the Fourth (and last) symposium in Bangkok, Thailand in February 1997, the Asia/Pacific Group on Money Laundering (APG) was officially established as an autonomous regional anti-money laundering body by unanimous agreement among 13 original founding members. The 'APG Secretariat' was also formally established in Sydney, Australia and funded by the APG membership with additional funding and other support from the Australian government, to serve as the focal point for all APG activities.  

The APG has grown considerably since 1997 and is part of a global network of similar bodies, referred to as Financial Action Task Force-Style Regional Bodies (FSRBs) and is the largest in terms of membership numbers and geographical size. The APG also has a large number of observers (both jurisdictions and supporting organisations) that participate in its programmes and activities. Some of the key international organisations that support the APG include the International Monetary Fund, World Bank, OECD, United Nations Office on Drugs and Crime, the UN's Counter Terrorism Executive Directorate, Asian Development Bank, Commonwealth Secretariat, INTERPOL and the Egmont Group of Financial Intelligence Units.

The Asia/Pacific Group on Money Laundering is an inter-governmental organisation, consisting of 42 member jurisdictions. The objective of the APG is to ensure that individual members effectively implement the international standards against money laundering, terrorist financing and proliferation financing related to weapons of mass destruction

The Asia/Pacific Group on Money Laundering (APG) is an international organisation (regionally focused) consisting of 42 members and a number of international and regional observers including the United Nations, IMF, FATF, Asian Development Bank and World Bank. All APG members commit to effectively implement the FATF's international standards for anti-money laundering and combating financing of terrorism referred to as the 40+9 Recommendations. Part of this commitment includes implementing measures against terrorists listed by the United Nations in the “1267 Consolidated List”. The key functions of APG is to Assess APG members' compliance with the global AML/CFT standards through mutual evaluations; Coordinate technical assistance and training with donor agencies and APG jurisdictions to improve compliance with the AML/CFT standards; Co-operate with the international AML/CFT network; Conduct research into money laundering and terrorist financing methods, trends, risks and vulnerabilities; Contribute to the global AML/CFT policy development by active Associate Membership of FATF.

The APG has five primary functions:

 

1.      Mutual evaluations:   The APG assesses the levels of compliance by its member jurisdictions with the global AML/CFT standards through a mutual evaluation (peer review) programme;

2.      Technical assistance and training:  The APG Secretariat coordinates bi-lateral and donor-agency technical assistance and training in the Asia/Pacific region for its member jurisdictions in order to improve compliance with the global standards;

3.      Typologies research:  Research and analysis into money laundering and terrorist financing methods and trends is a key function of the APG to assist policy and law makers as well as law enforcement agencies and the general public to identify and respond to new and emerging trends, methods, risks and vulnerabilities;

4.      Global engagement:  The APG contributes to international AML/CFT policy development and actively engages with the global network of FSRBs. The APG also participates in a number of FATF working groups and in its plenary meetings; and

5.      Private sector engagement:  Private sector engagement is critical to the APG's overall objectives. The APG actively engages with financial and non-financial institutions, NPOs, training centres and universities in the Asia-Pacific to better inform the general public and specialists about global issues relating to money laundering, terrorist financing and proliferation financing

The APG also assists its members to establish national coordination mechanisms to better utilise resources to combat money laundering and terrorist financing.

Happy Reading,

Those who read this, also read on:

1.The AML/CFT:  International Cooperation

2. Egmont Group: AML/CFT International Cooperation