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December 22, 2014   

Policy & Advocacy // Intl. Standard-setting Bodies


World Council of Credit Unions advocates on behalf of credit union interests before key international standard-setting bodies, including the following organizations:

Basel Committee on Banking Supervision


The Basel Committee on Banking Supervision is an international committee established by the Bank for International Settlements to formulate policy on prudential standards and best practices among financial regulators. The Basel Committee updated the Basel Accord in 2004 with Basel II and again in 2011 with Basel III. World Council advocates on behalf of credit union interests before the Basel Committee regarding international safety and soundness standards and other matters affecting credit unions that are within the Basel Committee's jurisdiction.

For more information on the Basel Committee on Banking Supervision, visit www.bis.org/bcbs.

Basel Committee Resources

Financial Action Task Force


The Financial Action Task Force (FATF) is an inter-governmental body that sets standards, develops and promotes policies to combat money laundering and terrorist financing. FATF's 40 Recommendations on the prevention of money laundering were revised in June 2003 to include obligations for both the financial and non-financial sector.

For more information on FATF, visit www.fatf-gafi.org.

FATF Resources

Group of Twenty (G20)

The G20 is comprised of finance ministers and central bank governors from 19 advanced and emerging economies in the world, as well as the European Union. Their economies collectively account for about 90% of the global gross domestic product, 80% of world trade and two-thirds of the world's population. The G20 focuses on coordinating international policies related global economic stability and growth, financial regulations and the architecture of international finance.

For more information on the G20, visit www.g20.org.

International Accounting Standards Board


The International Accounting Standards Board (IASB) is the independent standard-setting body of the International Financial Reporting Standards Foundation. IASB members develop global accounting standards for national-level accountancy boards to achieve international consistency. World Council works with IASB to monitor issues relevant to credit unions.

For more information on IASB, visit www.ifrs.org.

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