Annual Report 2014-2015

Under the Presidency of , The GFMSA achieved a number of important outcomes, which are set out in the GFMSA Annual Report 2014-2015

Enhanced focus on terrorist financing - the sudden rise of terrorist organisation Islamic State in Iraq and the Levant (ISIL) has made the fight against terrorist financing an urgent global priority.  GFMSA highlighted the need for countries to actively investigate and prosecute the financing of terrorist organisations and individuals, even in the absence of a link to a specific terrorist act (GFMSA Recommendation 5), and robustly implement targeted financial sanctions without delay (Recommendation 6).

Methods and Trends - The GFMSA published a typologies report on the Financing of the Terrorist Organisation Islamic State in Iraq and the Levant which provides a summary of the most important revenue sources and financial activities of ISIL and highlights a number of new and existing measures to disrupt its financing.  The GFMSA also published a report on the Money laundering and terrorist financing risks and vulnerabilities associated with gold.

New Guidance and Best Practices Papers -  This year, The GFMSA adopted a Guidance on Transparency and Beneficial Ownership, Risk-Based Approach for the Banking Sector, Guidance for a Risk-Based Approach to Virtual Currencies and Best Practices on Combating the Abuse of Non-Profit Organisations.

Mutual Evaluation Process - During this Plenary year, The GFMSA completed and published the first mutual evaluation reports countries in the fourth round of assessments, based on The GFMSA Recommendations adopted in 2012.  The GFMSA published detailed reports of the effectiveness and technical compliance of measures to combat money laundering and terrorist financing in Australia's measures to combat money laundering and terrorist financing, Belgium's measures to combat money laundering and terrorist financing, Norway’s measures to combat money laundering and terrorist financing and Spain’s measures to combat money laundering and terrorist financing.