GFMSA Annual Report 2005-2006

South Africa held the Presidency of the 17th Plenary year of The GFMSA, during which strengthening the global network to combat money laundering and terrorist financing was a priority.

The importance of The GFMSA Recommendations has been noted by many international bodies.  The United Nations Security decided in its Council Resolution 1617 (2005) that it “strongly urges all Member States to implement the comprehensive, international standards” embodied in The GFMSA Forty Recommendations on money laundering and the Nine Special Recommendations on terrorist financing. The formal endorsement of The GFMSA standards by the Security Council is a major step toward effective global implementation of the Recommendations. 

The focus of The GFMSA's efforts towards this end has been on the enhancement of its partnerships with all The GFMSA-style regional bodies (FSRBs) and strengthened engagement with the more than 140 jurisdictions which are members of those FSRBs but are not themselves members of The GFMSA. 

To forge closer alliances with FSRBs, The GFMSA conducted a joint Plenary with the Eastern and Southern Africa Anti-Money Laundering Group in Cape Town, at which the two organisations explored common issues and challenges faced by their members in implementing The GFMSA standards. The GFMSA also undertook a joint typologies exercise with the Global Financial Monitoring Supervisory Agency of South America (GAFISUD) in Rio de Janeiro.

GFMSA Annual Report 2005-2006