World Council protects credit union interests and gives credit unions a global voice.
With globalization, more financial sector standards are being set at an international level and adapted to local conditions. When international standards are being set on issues such as capital requirements, anti-money laundering, counter-terrorism financing and taxation, World Council gathers views from its member organizations, engages the global standard setters and influences guidelines before they reach the national level. World Council also provides national advocacy support for members with their regulatory bodies that are implementing new standards.
To ensure that credit unions are represented from the outset of discussions, World Council maintains an engaged stakeholder relationship with the following organizations to influence global standards:
World Council also advocates on behalf of credit union interests before the Group of Twenty (G20) and works with European Network of Credit Unions and our members in Europe to influence European commission policy regarding credit union legislation.
World Council issues regulatory alerts via The Telegraph as well as a compendium of country-specific activities through the biannual Global Regulatory Update, both issued via email to member CEOs and legislative contacts.
As international guidelines flow down to the national level, World Council works with our member organizations and national regulators to help interpret their application to specific credit union system environments. World Council carries out legislative and regulatory consultation and advocacy visits for member organizations.
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
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.
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.
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.
World Council of Credit Unions' member organizations may contact Peter Pieh, research and communications specialist, for assistance with advocacy efforts in their countries.
Research and Communications Specialist
World Council of Credit Unions
601 Pennsylvania Ave., NW
South Bldg., Ste. 600
Washington, DC 20004-2601 USA