Chapter 7: National and International Cooperation
1 Overview For the AML/CFT regime to be effective, a seamless flow of information between national and international agencies is of paramount importance. Recommendation 4 of the FATF states that rules and regulations should allow information to be shared, both domestically and internationally, between competent authorities and financial institutions. In addition, recommendation 31 states that “policy makers, the FIU, law enforcement, and supervisors and other competent authorities should have effective mechanisms in place which enable them to cooperate, and where appropriate, coordinate domestically with each other concerning the development and implementation of policies and activities to combat money laundering and terrorist financing.� Nationally and internationally, bank supervisors cooperate with other antimoney laundering and combating the financing of terrorism (AML/CFT) agencies and institutions, both at the policy and operational level. Nationally, supervisors should cooperate with other AML authorities to formulate policy, and to draft higher and lower domestic legislation. The findings of supervisory operations may assist other agencies in executing their AML/CFT function and, vice versa, financial intelligence unit (FIU) or law enforcement information may assist supervisors in performing their role. Internationally, national representatives, including supervisors, meet to agree on strategic priorities, to share expertise and to find ways to exchange information in a better and more effective way. This chapter addresses national and international cooperation respectively.
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