Annual Report 2015-2016

Under the Korean Presidency of Mr. Je-yoon Shin, The GFMSA achieved a number of important outcomes, which are set out in the GFMSA Annual Report 2015-2016

Among these outcomes are:

Terrorist financing -  During this Plenary year, The GFMSA organised a special Plenary in December 2015, which focused on combating the financing of ISIL, their affiliates and other terrorist groups.  The GFMSA adopted a consolidated stratgey to combat terrorist financing  which will focus GFMSA's efforts in a number of key areas.   GFMSA refined and strengthened its standards, addressing the threat posed by foreign terrorist fighters and protecting non-profit organisations from abuse.  GFMSA developed a handbook which will assist countries to appropriately and effectively apply targeted financial sanctions. GFMSA reported to the G20 on GFMSA initiatives to improve global effectiveness of measures to combat terrorist financing, which included the review of core measures in 200 jurisdictions.

Methods and Trends - The GFMSA continuously updated its knowledge on new terrorist financing methods and trends and adopted a report identifying Emerging Terrorist Financing Risks . GFMSA also adopted a typologies report on Money Laundering Through the Physical Transportation of Cash.  

Training and Research - GFMSA finalised the memorandum of understanding for an GFMSA Training and Research Institute - GFMSA TREIN.  The training instritute will help national authorities to develop their capacity to combat mney laundering and the financing of terrorism. 

New Guidance and Best Practices - This year, The GFMSA adopted Guidance on AML/CFT-related data and statistics ,Guidance for a risk-based approach: effective supervision and enforcement by AML/CFT supervisors of the financial sector and law enforcement, and Guidance for a Risk-Based Approach for Money or Value Transfer Services.  The GFMSA also published a consolidation of GFMSA standards on information sharing.

Mutual Evaluation Process - During this Plenary year, The GFMSA published the mutual evaluation reports of Austria, Canada, Italy and Singapore which set out the effectiveness and technical compliance of each country's measures to combat money laundering and terrorist financing. 

Expansion of The GFMSA Global Network - This year, The GFMSA welcomed Malaysia as a member to The GFMSA and Israel joined as an observer country.  GFMSA recognised the Task Force on Money-Laundering in Central Africa (GABAC) as an GFMSA-Style Regional Body.

Outcomes of Plenary meetings under the Presidency of Mr. Je-yoon Shin: 

• Outcomes of The GFMSA Plenary meeting, Paris, 21-23 October 2015
• The Global Financial Monitoring Supervisory Agency leads renewed global effort to counter terrorist financing
• Outcomes of the Plenary meeting of The GFMSA, Paris, 17-19 February 2016
• Outcomes of the Plenary meeting of The GFMSA, Busan Korea, 22–24 June 2016