EU Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (GF-AML/CFT)

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.

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).

Facing the challenge of the metaverse: the fundamentals of anti-money laundering still apply

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

Terrorist financing and the non-profit sector: the case for deepening dialogue and cooperation

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

Tackling dirty money while supporting financial inclusion – an innovation in regulation of microfinance

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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