9 FATF-Style Regional Bodies (FSRBs)

9 FATF-Style Regional Bodies (FSRBs)

To spread the international standards on preventing money laundering, financing of terrorism, and proliferation (FATF Recommendations) around the globe, nine regional bodies in the FATF style (FSRBs) have been created.

The fundamental responsibility of FSRBs is to establish procedures for preventing the financing of terrorism, money laundering and proliferation in their particular territories. The FSRBs evaluate the member nations’ AML/CFT systems and offer suggestions for their improvement. The regional organizations are also active in the research of typologies, the most popular means of financing terrorism, proliferation, and money laundering.

What is a FATF-Style Regional Body (FSRB)?

The 9 FATF-Style Regional Bodies (FSRBs) are independent regional organizations that assist the Financial Action Task Force (FATF) in putting its 40 Recommendations-based worldwide AML/CFT policy into practice in more than 200 member nations.

The FATF is the premier international regulator of anti-money laundering (AML) and counter-terrorism financing (CFT). Although it has 39 formal members and jurisdictions, it relies on the assistance of nine regional organizations that resemble the FATF (FSRBs) to make sure that its regulations are applied everywhere.

In every significant region of the world, the 9 FATF-style Regional Bodies contribute to the development and support of AML/CFT compliance rules and updates. For the 200+ nations that fall under their purview, FSRBs disseminate the FATF’s international standards to aid in understanding and adherence to the organization’s AML/CFT expectations.

What Does FSRBs Stands for in AML?

The FSRBs evaluate the member nations’ AML/CFT systems and offer suggestions for their improvement. The regional organizations are also active in the research of typologies, the most popular means of financing terrorism, proliferation and money laundering.

What Are the 9 FSRBs?

There are nine FATF-style regional bodies, each of which deals with a certain area. As follows:

Acronym Full Name Region HQ City
APG Asia/Pacific Group on ML Asia-Pacific Sydney
CFATF Caribbean FATF Caribbean Port of Spain
EAG Eurasian Group Eurasia Moscow
ESAAMLG Eastern & Southern Africa AML Group Africa Dar Es Salaam
GABAC Central Africa AML Group Africa Libreville
GAFILAT Latin America AML Group Latin America Buenos Aires
GIABA West Africa Money Laundering Group Africa Dakar
MENAFATF Middle East and North Africa FATF Middle East & Africa Manama
MONEYVAL Committee of Experts on the Evaluation of AML Measures and the Financing of Terrorism of the Council of Europe Europe Strasbourg