Global Warriors: International Organisations Battling Financial Crimes
Financial Action Task Force (FATF)
The Financial Action Task Force (FATF) is an inter-governmental body formed in 1989 by the G-7 countries, which aims at the development and implementation of international policies and procedures to prevent and combat MLTPF.
The FATF promotes and recommends international standards and effective legal, regulatory and operational measures to combat financial crimes and threats to the integrity of the international financial system.
It publishes research to raise awareness of the movement of illicit funds to ensure the prompt detection and mitigation of MLTPF risks.
Committee of Experts on the Evaluation of Anti-Money Laundering Measures (MONEYVAL)
Egmont Group of Financial Intelligence Units
Organisation for Economic Cooperation and Development (OECD)
OECD is an international organisation that aims to encourage and promote sustainable development and economic growth.
It helps countries fight international tax evasion, money laundering, and other financial crimes.
It works with governments to develop evidence-based standards, implement best practices and have access to data that helps improve the economic and social well-being of people around the world.
It aims to facilitate collaboration between member countries on economic issues and financial crimes.
Transparency International (TI)
Transparency International (TI) is another global organisation that aims to fight against corruption financial crimes, and promote transparency.
It works to identify and remove the loopholes in the global financial system that lead to corruption and the stolen money to be laundered.
It also advocates transparency in beneficial ownership and works with governments to help set up systems that aim to disclose the real owners of companies so they are not used for conducting illegal activities.
Sharing Electronic Resources and Laws on Crime (SHERLOC)
SHERLOC is a knowledge management portal. It has been developed by the United Nations Office on Drugs and Crime (UNODC).
It aims to disseminate information on the United Nations Convention against Transnational Organized Crime and its three Protocols.
Its scope includes resources concerning crimes such as money laundering, terrorism, corruption, etc.
Stolen Asset Recovery Initiative (StAR)
StAr is a partnership between the World Bank and UNODC that works to help countries recover stolen public assets and end safe havens for corrupt money.
It assists in international collaboration and cooperation to promote the mitigation of MLTPF through asset recovery and accountability.
It plays an important role in recovering assets that are obtained through bribery, embezzlement, or other corrupt conduct and thus restoring confidence in the rule of law.
It also focuses on tackling the misuse of legal structures for moving illicit funds through Beneficial Ownership transparency.
International Consortium of Investigative Journalists (ICIJ)
ICIJ is a non-profit independent global network of investigative journalists and media organisations across the world with the aim of exposing international social and financial crimes and corruption.
Their explosive work has led to various reforms. It has published some of the biggest cross-border investigative projects highlighting how illicit funds flow globally.
In 2021, ICIJ was nominated for the Nobel Peace Prize for reporting that made it difficult for arms dealers and human traffickers to launder their dirty money.
International Compliance Association (ICA)
ICA is a body that provides professional qualifications and training in subject areas like AML, governance risk and compliance, financial crime prevention, customer due diligence, cyber risk, and managing sanctions risk.
It aims to educate the international compliance community to perform better and empower compliance and financial crime prevention through support, education and advocacy.
Association of Certified Financial Crime Specialists (CFCS)
ACFCS is an international organisation that provides training and certifications to professionals who work in the detection and prevention of financial crimes.
Many countries recognise the certification provided by ACFCS. CFCS certification aims to equip financial crime specialists with tools, resources and knowledge on subjects like AML, corruption, crypto, tax evasion, cyber risk, data analytics and security, compliance and regulation, etc. and help them to fight, prevent and detect any financial crimes.
Anti-Money Laundering and Financial Crime (AMLFC) Institute
AMLFC is an institute that provides certification and programs in collaboration with various universities relating to AML and other financial crimes.
It also conducts academic research to advance knowledge in the field of AML/CTF/CPF and financial crime prevention. Its aim is to provide professionals globally with high standards of ethics and knowledge to fight against financial crimes.
Association of Certified Anti-Money Laundering Specialists (ACAMS)
ACAMs is a global organisation that provides training, certifications, and ongoing support to AML and anti-financial crime specialists.
Over 175 countries have professionals who are members of ACAMS and support various organisations to build robust Anti-financial Crime readiness mechanisms.
It also creates networking platforms and hosts conferences for sharing best practices, publishing information and imparting continuing professional education to various professions internationally.
Association of Certified Fraud Examiners (ACFE)
ACFE is an internationally recognised organisation that imparts anti-fraud training, is instrumental in setting industry standards, and offers credentials to anti-financial crime specialists.
CFE certification demonstrates expertise in fraud detection, prevention and investigation.
By offering the CFE credential and fostering a global community of anti-fraud professionals, the ACFE helps in combating fraud and financial crimes worldwide.
Organisations Battling Financial Crimes: Final Words
About the Author
Pathik Shah
FCA, CAMS, CISA, CS, DISA (ICAI), FAFP (ICAI)
Pathik is a Chartered Accountant with more than 26 years of experience in governance, risk, and compliance. He helps companies with end-to-end AML compliance services, from conducting Enterprise- Wide Risk Assessments to implementing the robust AML Compliance framework. He has played a pivotal role as a functional expert in developing and implementing RegTech solutions for streamlined compliance.
