Faiml Task Force

INTOSAI

Working Group on Fight Against Corruption And Money Laundering (WGFACML)

Text Box: 64% declared that money laundering is a problem in their countries and 91% pointed that it is a subject that requires international cooperation.
There are legal regulations about prevention, discovery/uncover and combat against international money laundering.It is penalized.
A great number indicated that, there is a national strategy followed by crime prosecution institutions and especially for the financial sector.
Some SAIs have the authorization to control public credit/bank institutions; others, to control private and public credit institutions and some cases that are not authorized to control either public or private credit/bank institutions.
Most considered the need to extend auditing abroad; since there is limited authorization to investigate and/or perform audits in foreign countries.
38% of the SAIs can audit credit institutions to check for money laundering problems;
15% have the legal obligation to do it and 9% have both the authorization and the legal obligation.
Half of the Supreme Audit Institutions have the authorization to audit their National Banks and approximately 66% have other relationships beyond the auditing.
Around 3% have experience in effectiveness and efficiency auditing, compliance reviews and best practice/benchmark studies, in fight against international money laundering
Almost none of them have performed evaluations in credit institutions concerning international money laundering in credit institutions.
The resources (qualified staff, budget) of the SAIs are not sufficient to dedicate them to fight against the international money laundering.
About the future, 44% considered that especial efforts must be done to control money laundering.
6% indicated that it should be main assignment, while 66% points out it can be suitable to work in cooperation with the INTOSAI
In summary, most SAIs does not have a specific role in national strategies to fight against international money laundering. Only part of them has the competence of control in this matter. Also, not too many has very little practical experience about money laundering control; moreover, in most cases SAIs do not have the basic resources to control.Finally, most recognize the need for cooperation between INTOSAI and SAIs in finding ways to improve control of money laundering activities.
In the 50th Meeting of the INTOSAI Governing Board in October 16th and 17th, 2002, the board decided to create the task force. The task force members are the General Secretariat, the SAIs of the United States of America and of the Russian Federation and one representative of each regional group.

In March 2003, the INTOSAI Governing Board proposed the SAI of Peru to chair the task force. The Task Force has the following members: Comptroller General of Peru (Chair), the General Secretariat, the Chamber of Accounts of the Russian Federation, the General Accounting Office of the United States of America (GAO), the National Audit Office (NAO) of the United Kingdom (EUROSAI), Papua New Guinea (ASOSAI), Egypt (ARABOSAI), Trinidad and Tobago (CAROSAI), Fiji (SPASAI) and Lesotho (AFROSAI).
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