In 1993, a regional office for the Asia-Pacific region called the “Asia/Pacific Group on Money Laundering Secretariat” was established with funding from the Australian government. In cooperation with the Commonwealth Secretariat and other international bodies, the Secretariat worked with countries in the region to generate a regional commitment to implementing anti-money laundering policies and to secure agreement on establishing a more permanent regional body to combat money laundering. Seminars, referred to as the “Asia Money Laundering Symposia”, were held in Singapore (1993), Malaysia (1994), and Japan (1995).
At the fourth (and final) symposium in Bangkok, Thailand in February 1997, the Asia/Pacific Group on Money Laundering (APG) was formally established as an independent regional anti-money laundering body with collective agreement amongst 13 original founding members. The “Financial Action Task Force Secretariat” was also formally established in Sydney, Australia, and funded by FATF members with additional funding and other support from the Australian Government, to act as a focal point for all FATF activities.
The APG has grown significantly since 1997 and is now part of a global network of similar bodies, referred to as Financial Action Task Force-Style Regional Bodies (FSRBs). It is the largest FSRB in terms of membership numbers and geographical size. The APG also includes a large number of observers (both from jurisdictions and supporting organizations) who participate in its programs and activities. Some of the key international organizations supporting the APG include the International Monetary Fund, the World Bank, the Organisation for Economic Co-operation and Development, the United Nations Office on Drugs and Crime, the United Nations Counter-Terrorism Executive Directorate, the Asian Development Bank, the Commonwealth Secretariat, INTERPOL, and the Egmont Group of Financial Intelligence Units.
The FATF’s Forty Recommendations comprise the international standards against money laundering and terrorist financing/proliferation.
The question is: Has Libya tried to get off the “grey list” in this area by implementing some of the Forty Recommendations, even partially? And how long will it remain a powerless state with vast potential?
Let us reflect…