The International Monetary Fund (IMF) is to open a donor-supported fund that will provide $31 million (21.1 million) over the next five years to support the improvement of global anti-money laundering (AML) and counter-terrorist financing (CTF) regimes.
Around two-thirds of the financing for the fund – which will begin operations on 1 May – will be provided by the United Kingdom, Switzerland, Norway, Luxembourg, France, South Korea, Saudi Arabia and Japan.
IMF added that talks are currently ongoing with a number of other potential donors.
The fund will allow IMF experts to provide technical assistance to countries looking to strengthen their national AML and CTF strategies. The IMF said this will contribute to enhanced governance and fiscal administration, while also improving the integrity of the international financial system.
“Global financial stability hinges on collective action at the international level but also on effective national systems,” says Murilo Portugal, deputy managing director, IMF. “The trust fund combines both these elements.”
L.D.