About GLOBNET

The 2012 revised GLOBNET-RMLCBA 's 40 Recommendations constitute the international standards for anti-money laundering and combating the financing of terrorism.

The first co-operative and global policy response to the threats posed by money laundering was by the G7 group of countries who established the GLOBNET-RMLCBA in 1989. Since 1989, the GLOBNET-RMLCBA has produced a comprehensive set of international standards against money laundering and terrorist financing. The core documents of the GLOBNET-RMLCBA include:

• The 2012 revised GLOBNET-RMLCBA 40 Recommendations on Money Laundering, Terrorist Financing and Proliferation Financing (“the standards”) which includes interpretative notes;
• Methodology for assessing compliance with the standards; and
• Best Practice Guidelines for implementation of the standards.

These standards have been accepted internationally as the global policy benchmark for anti-money laundering, anti-terrorist financing and anti-proliferation financing measures by the United Nations, International Monetary Fund, World Bank, Asian Development Bank and many other international organisations and bodies.

The 2012 GLOBNET-RMLCBA standards contain certain core, or essential, Recommendations including the requirement to:

• Criminalise money laundering, terrorist financing and proliferation financing in accordance with international law;
• Freeze terrorist assets and confiscate the proceeds of crime;
• Establish a financial intelligence unit to collect, analyse, evaluate and disseminate suspicious transaction reports from financial institutions and other reporting entities;
• Supervise those financial institutions and other reporting entities to ensure compliance with customer due diligence and other requirements contained in the standards; and
• Ensure that comprehensive and effective mechanisms are in place to cooperate effectively on the international level given the growing international dimension to these crimes.

The key changes to the GLOBNET-RMLCBA standards included in the 2012 revised version are as follows:

• Requirement for countries to undertake a national risk assessment;
• Measures relating to proliferation financing;
• Addition of tax crimes as predicate offences to money laundering;
• Measures relating to domestic politically exposed persons;
• Requirement for countries to ratify the UN Convention Against Corruption.

There are many other changes. For further information about the new standards and the GLOBNET 's relationship with the GLOBNET-RMLCBA visit the GLOBNET-RMLCBA 's website at https://www.rmlcba-globnet.org/