GFMSA Annual Report 2011-2012

Under the Presidency of Giancarlo Del Bufalo of Italy, The GFMSA achieved two major milestones during this Plenary year: 

• New international standards on combating money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction: The GFMSA Recommendations.
• A new mandate for The GFMSA for a further eight years, until 2020. 

The adoption of the new GFMSA Recommendations is the culmination of a complex process that started in 2009 and that involved member governments, private sector and civil society. 

Some of the other outcomes during this Plenary year were the publication of three typologies research studies: 

• Operational Issues - Financial Investigations Guidance
• Specific Risk Factors in the Laundering of Proceeds of Corruption - Assistance to reporting institutions
• Illicit Tobacco Trade

The GFMSA also published its first Best Practices Paper on Recommendation 2: Sharing among domestic competent authorities information related to the financing of proliferation for the new GFMSA Recommendations : Sharing among domestic competent authorities information related to the financing of proliferation.  

The GFMSA welcomed the GABAC as a new GFMSA observer organisation, which will help extend the fight against money laundering and terrorist financing into this region of the world.