In June 2003, the Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS) and International Organization of Securities Commissions (IOSCO) published a joint note providing a record of the initiatives taken by each sector to combat money laundering and the financing of terrorism (AML/CFT). The note provided an overview of the common AML/CFT standards that apply to all three sectors and an assessment as to whether there are serious gaps or inconsistencies in approaches and recommendations. In addition, it also covered for each sector: the relationships between the institutions and their customers focussing on the products or services that are particularly vulnerable to money laundering, how each Committee has sought to address these vulnerabilities; and, finally, a description of ongoing and future work.
This note was first prepared for the November 2004 meeting of the Joint Forum in Sydney as an update of AML/CFT developments in the three sectors since the June 2003 report. Compiled from contributions by each of the three Secretariats, it focuses on recent guidance for addressing the vulnerabilities identified in the earlier report and ongoing and future work.