The Inter-Governmental Action Group against Money Laundering in West Africa has published updated procedures for its second round of member state anti-money laundering and counterterrorist financing mutual evaluations. Assessments cover both technical compliance, including whether required laws and institutions are in place, and effectiveness against the 11 Immediate Outcomes. They use the Financial Action Task Force Recommendations and assessment methodology in effect at the date of each country’s onsite visit. Member states must provide technical compliance information at least 24 weeks before the onsite visit and effectiveness information at least 16 weeks beforehand. Ratings may reflect only measures in force by the end of the visit, while pending legislation may inform recommendations but not conclusions. The procedures also govern assessment teams, confidentiality, risk focused scoping, report review and plenary adoption. Reports are subject to quality and consistency checks and generally must be published within six weeks of adoption unless significant concerns remain unresolved. Regular follow-up requires reporting every two years, while countries with significant technical compliance or effectiveness deficiencies enter enhanced annual monitoring. A comprehensive follow-up assessment, including a short onsite visit and possible rerating of technical compliance and effectiveness, takes place five years after adoption of the mutual evaluation report. The procedures also provide for review where at least two eligible parties report that a country’s implementation of obligations for nonprofit organizations is unduly disrupting or discouraging legitimate activities.

Original source