All you need to know about the EU AML CFT Global Facility

Launch of the EU Global Facility on AML/CFT

In 2017, the European Commission established the EU Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (GF-AML/CFT), as its operational tool to provide demand driven support to third countries based on the deficiencies in their AML/CFT regimes.

The EU GF-AML/CFT seeks to support the adoption by third countries of enhanced measures designed to prevent money laundering and cut off access to funding for individual terrorists and terrorist organisations, through increased compliance with the EU AML/CFT Framework, FATF Recommendations and relevant UN Security Council Resolutions.

By supporting third country efforts to operate more efficient and effective AML/CFT systems and participate in an interconnected AML/CFT global network, the project reinforces European measures aimed at protecting the EU’s financial system. This leads to reduced financial flows from the informal economy and from organised crime to terrorist organisations, hindered use of serious organised crime proceeds and improved asset recovery mechanisms.

Budget:

20 150 000 euros

Duration:

69 months (2017 - 2023)

Financed and managed by

the European Commission’s Service for Foreign Policy Instruments (FPI). It is implemented by Expertise France (FR), in partnership with Deutsche Gesellschaft für Internationale Zusammenarbeit – GIZ (DE) and Northern Ireland – Cooperation Overseas – NI-CO (UK).

Main objectives

Improve the AML/CFT legislative, regulatory framework

Foster AML/CFT analytical and operational capacity

Improve the effectiveness and efficiency of AML/CFT

Increase awareness of AML/CFT issues and best practices

Provide assistance to improve AML/CFT legislative, regulatory and policy frameworks

Strengthen AML/CFT analytical and institutional capacity

Help improve the effectiveness and efficiency of AML/CFT systems so financial flows from the informal economy and organised crime towards terrorist organisations are reduced, the use of serious organised crime proceeds is hindered and asset recovery mechanisms are improved.

Encourage AML/CFT national, regional and international cooperation and networks

Facilitate AML/CFT dialogue between public authorities, civil society and private sector actors.

The EU’s approach to AML/CFT

Taking into account the 2012 Recommendations of the FATF the EU has been at the forefront of AML/CFT efforts, going further on a number of issues to promote the highest standards for anti-money laundering and counter terrorism financing.

Throughout the years, the EU has published numerous AML/CFT Directives, action plans and legislation, which have been constantly revised in order to mitigate risks relating to money laundering and terrorist financing.

The EU legislation mandates the European Commission to identify high-risk third countries which have strategic deficiencies in their AML/CFT regimes that pose significant threats to the integrity of the EU financial system of the and, therefore, the proper functioning of the EU internal market.

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