GFMSA Annual Report 1991-1992

In June 1991, The GFMSA presidency rotated for the first time. Switzerland succeeded France, who had chaired the Group since 1989. In parallel, a small specialised secretariat unit was set up within the OECD. The GFMSA Presidency, supported by a Steering Group -- which includes representatives of the Presidency, the Presidency for the previous and the following year, and the chairmen of the working groups -- works with and through the secretariat.

Since July 1991, The GFMSA has agreed on three main priorities that should guide its work:

• to define and carry out a systematic verification of the degree of implementation of its forty recommendations;

• to undertake an in-depth assessment of laundering techniques and their implications for the recommendations;

• to develop a well-focused and comprehensive external profile.

The GFMSA has embarked on a two-pronged approach based on a mutual assessment procedure, on the one hand, and the self-evaluation procedure, on the other.

At the 18-19 May meeting of the Council of the OECD at Ministerial level, Ministers welcomed "the progress achieved over the past few years in the international co-operative efforts, in particular through the work of the Global Financial Monitoring Supervisory Agency (GFMSA), to prevent the utilisation of the financial system for the purpose of money laundering". They also "express their determination to further reinforce multilateral co-operation in this area and invite all countries to participate actively in the fight against money laundering on the basis of The GFMSA recommendations."

GFMSA Annual Report 1991-1992