International Organisation of Securities Commissions (IOSCO) Steps Up Efforts to Combat Money Laundering

The International Organisation of Securities Commissions (IOSCO), a global organization that brings together the regulators of securities and futures markets, has strengthened its efforts to combat money laundering. This initiative aims to promote global financial stability by preventing the misuse of financial systems for illegal activities.

Strengthening Global Efforts Against Money Laundering

As part of this effort, IOSCO is working closely with other international organizations, such as the Financial Action Task Force (FATF) and the Middle East and North Africa Financial Action Task Force (MENAFATF), to promote cooperation among financial institutions and regulatory bodies in identifying and preventing money laundering activities.

Key Measures

• Know Your Customer (KYC) and Customer Due Diligence: Financial institutions are required to identify their clients and verify their identities, helping to prevent the misuse of financial systems for illegal activities.
• Mutual Evaluations and Money Laundering Prevention: IOSCO conducts mutual evaluations of its member countries’ anti-money laundering (AML) and combating the financing of terrorism (CFT) systems, assessing compliance with international standards and providing recommendations for improvement.
• International Cooperation and Information Sharing: The organization fosters international cooperation and information sharing among its member countries, including assistance in gathering and exchanging information on suspicious transactions and individuals involved in money laundering activities.

Strengthening Supervision and Regulation

IOSCO is also working to strengthen supervision and regulation of financial institutions, including:

• Risk-Based Approaches: Implementing effective risk-based approaches to identify and mitigate money laundering risks.
• Systems and Controls: Ensuring that financial institutions have adequate systems and controls in place to prevent money laundering.

Combating Money Laundering

By taking these measures, IOSCO aims to prevent the misuse of financial systems for illegal activities such as money laundering and terrorist financing. The organization is committed to promoting a safe and stable financial system that supports economic growth and development.

Contact: [Name] IOSCO Public Information Office [Email] [Phone]