World Council Asks for Clearer Anti-Money Laundering Rules
March 22, 2017
VIENNA, Austria—World Council of Credit Unions (World Council) engaged the Financial Action Task Force (FATF) to ask for clearer anti-money laundering/countering the financing of terrorism (AML/CFT) rules to reduce regulatory burdens on credit unions during the FATF’s Private Sector Consultative Forum held March 20-22, 2017. The FATF held its Private Sector Consultative Forum at the offices of the United Nations (UN) Office on Drugs and Crime at the UN’s Vienna International Centre. The FATF, which is based in Paris, France, is the global standard setting body for AML/CFT rules.
The FATF consultative meeting included discussion on a wide range of issues including obstacles to information sharing about suspicious activities between different financial institutions and how AML/CFT rules should be revised with respect to new financial technologies. Other topics discussed included implementation of the FATF’s recent guidance on correspondent banking issued in October 2016, financial inclusion of unbanked persons, legal entity beneficial ownership, proliferation of weapons of mass destruction, terrorist financing, and remittances.
“World Council believes that the FATF’s efforts to clarify its guidance, especially with respect to information sharing and financial technology, will help reduce AML/CFT compliance burdens on credit unions and other cooperative financial institutions,” said Michael Edwards, vice president and general counsel of World Council, who represented the global credit union movement at the FATF forum.
The FATF is likely to issue updated guidance on AML/CFT information sharing best practices this summer.
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented 300+ technical assistance programs in 89 countries. Worldwide, 85,400 credit unions in 118 countries serve 274 million people. Learn more about World Council's impact around the world at www.woccu.org.