WORKING GLOBALLY
IDENTIFYING GAPS
CUSTOMIZING FRAMEWORKS
ACHIEVING FULL COMPLIANCE
Technical Assistance for Governments and Public Authorities in the area of Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT)
Technical assistance is typically aimed at eliminating the most significant shortcomings of a country’s AML/CFT framework against the FATF standard and enhancing the effectiveness of the system in the most important areas. FTA technical assistance services offered to governments and public authorities includes support to the three key areas of the continuous compliance process:
Deficiency Identification;
Determination of Corrective Measures; and
Solution Implementation.
Primary Services:
Diagnostic Exercise to Identify Shortcomings and Areas in need of Improvement
To develop a project framework that appropriately addresses a client’s needs, we carry out a diagnostic exercise to identify areas of greatest deficiency. As a first step we review all relevant laws, procedures, tools and other written mechanisms, and the applicable structural arrangements. A subsequent gap analysis identifies shortcomings in relation to the technical requirements of the FATF standards and obstacles to the effectiveness of the system or individual components thereof. The findings of our analysis are presented to the client and form the basis for any subsequent project engagement.
Development of Institutional or National Action Plans and Strategies
Often governments and individual institutions recognize the need for improvements in the area of AML/CFT. We can assist by forming a structured and comprehensive strategy, either for institutional or national needs, commensurate with client motivation level. We then devise an associated action plan to set out, step by step, how the strategy is to be implemented in practice within given timeframes. For high level strategies to yield tangible results they require translation into individualized action items with assigned responsibilities for their implementation.
Legal Drafting
A sound legal framework is the basis of any effective AML/CFT system. We assist governments in analyzing existing laws, regulations, and other enforceable means against current international AML/CFT standards and provide comprehensive services in achieving full compliance, such as drafting or developing new laws or legal amendments to remedy any identified shortcomings.
Capacity Building of National Stakeholders
The Financial Action Task Force increasingly focuses on the effectiveness of national AML/CFT frameworks. Stakeholders are thus increasingly in the spotlight and have to prove that they effectively implement their mandate and contribute to the desired outcome on the national level, which is a reduction of illicit transnational flows through the financial or non-financial sectors. We work with all authorities and agencies with competences in AML/ CFT, whether their role is in supervision, law enforcement or other aspects such as policy, legal drafting, sanctions frameworks, NPOs etc.
> Learn more about the functions which most commonly request our assistance.
Training of Public Officials
We deliver highly customized and practical training events on investigative, supervisory, and regulatory aspects of AML/CFT. Utilization of modern and interactive teaching techniques and practical case studies ensures the highest level of effectiveness. Training modules may target a range of competent authorities or be designed to meet the specific needs of one authority. Each training event is individually designed to meet our clients’ needs – we do not simply “recycle” training material.
