IMF supports fight against AML with $31m fund

Donor-supported fund set up by the IMF to support improvements in global anti-money laundering regimes

WASHINGTON DC - The International Monetary Fund (IMF) is to open a donor-supported fund that will provide $31 million over the next five years to support the improvement of global anti-money laundering (AML) and counter-terrorist financing (CTF) regimes.

The fund, which will begin operating on May 1 - will be two-thirds financed by the UK, Switzerland, Norway, Luxembourg, France, South Korea, Saudi Arabia and Japan, the IMF said. But talks are currently ongoing with a number of other potential donors.

The fund will allow IMF experts to provide technical assistance to countries looking to strengthen their national AML and CTF strategies. The IMF said this will contribute to enhanced governance and fiscal administration, while also improving the integrity of the international financial system.

IMF deputy managing director Murilo Portugal said: "Global financial stability hinges on collective action at the international level but also on effective national systems. The trust fund combines both these elements."