Vulnerabilities within national anti-money laundering / countering the financing of terrorism (AML/CFT) frameworks represent potential threats to financial systems as well as opportunities for terrorist groups and organised crime to support their activities.
In 2017, the European Union stressed the need to continue prioritising efforts to counter terrorist financing and money laundering. This includes implementing policies and regulations designed to prevent misuse of financial systems for these ends, reinforcing judicial cooperation and response, promoting cooperation between competent authorities, freezing assets of terrorists, adopting and implementing sanctions and providing law enforcement with the tools to trace illicit financial activity but also collaborate with third countries.
In this regard, the objective of the EU Global Facility on Money Laundering and Terrorism Financing is to provide support to partner countries to put in place effective AML/CFT frameworks in compliance with the AML/CFT international standards. Those include EU recommendations and United Nations Security Council Resolutions, as well as the Financial Action Task Force (FATF) recommendations.
The project also aims to encourage cooperation between financial regulators, law enforcement, justice actors and civil society at national, regional and international levels. The project comprises of a global facility, structured technical assistance and equipment, working closely with partner countries for demand driven tailored support.
For further reading: David Hotte: “Make mechanisms to fight against money laundering and terrorist financing more operational”
The project has three specific objectives:
1) To strengthen the AML/CFT legislative, regulatory and policy framework.
2) To build AML/CFT institutional capacity in third countries.
3) To increase national, regional and international cooperation on AML/CFT issues.
To this end, the project engages with expertise from public administrations of European Union Member States (justice, law enforcement and regulator), banking sector, international organisations and civil society.
The project is implemented by Expertise France in cooperation with the German Agency for International Cooperation (GIZ).
The Web 3.0 metaverse is shaping up as a virtual network where pseudonyms and avatars facilitate opaque exchanges of digital assets. Massive investments from tech giants promise a radical transformation of business, but this complex reality poses unprecedented challenges for anti-money laundering efforts, requiring quick understanding from regulators and law enforcement agencies.
Read the full article on the project's website
In conflict zones, NGOs are often the first to intervene and the last to leave, providing valuable humanitarian aid. However, for those fighting terrorism, NGOs can be exploited to finance terrorist activities. Despite measures taken by the Financial Action Task Force (FATF) - the global watchdog on money laundering and terrorist financing - compliance remains low, highlighting persistent challenges in regulating the nonprofit sector.
Read the full article on the project's website
Since the early 2000s, the microfinance sector has experienced dramatic growth, becoming a cornerstone in the fight against poverty and an essential component of finance in developing countries. However, mounting concerns regarding money laundering and terrorist financing have led to a general tightening of rules and compliance. Yet, until now, due to the fear of compromising its social objective, microfinance regulation has been light and sometimes nonexistent. To support the evolving nature and potential of this important sector, the Global Facility on Anti-Money Laundering and Counter-Terrorist Financing has launched an innovative regulatory solution to address gaps and enhance compliance while supporting financial inclusion.
Read the full article on the project's website
Find out more on the project's website: https://www.global-amlcft.eu/
Follow the project on social media: 
@globalamlcft 
EU AML/CFT Global Facility
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