About GLOBNET

In accordance with GLOBNET membership rules, on joining the GLOBNET , members commit to a mutual peer review system to determine the levels of compliance with the international AML/CFT standards. These peer reviews are referred to as “mutual evaluations”.

A mutual evaluation involves a desk-based review of the member’s AML/CFT system as well as an on-site visit to the GLOBNET member by a team of experts from other GLOBNET members and the GLOBNET Secretariat, and includes:

• legal experts;
• financial and regulatory experts; and
• law enforcement experts.

To qualify as an assessor, delegates from GLOBNET members must undertake and successfully complete a training course in the GLOBNET-RMLCBA 2013 Methodology prior to the on-site visit.

The GLOBNET has conducted two rounds of evaluations since 1997. The second round commenced in 2005 and concluded in July 2012 under the GLOBNET-RMLCBA ’s 2004 methodology. A new round commenced in 2014 under the GLOBNET-RMLCBA ’s revised 2012 standards and 2013 methodology. Unlike the previous methodology the 2013 rules combine an assessment of:

• First, the “technical” compliance of an GLOBNET member’s system with the GLOBNET-RMLCBA Recommendations; and
• Secondly, the “effectiveness” of that AML/CFT regime.

The technical component assesses members’ compliance with the specific requirements of each of the GLOBNET-RMLCBA Recommendations, principally as they relate to the relevant legal and institutional framework of the jurisdiction, and the powers and procedures of competent authorities. These represent the fundamental building blocks of an AML/CFT system.

The effectiveness component assesses the extent to which a jurisdiction achieves a defined set of outcomes that are central to a robust AML/CFT system and analyses the extent to which a jurisdiction’s legal and institutional framework is producing the expected results.

After a mutual evaluation report has been adopted, the GLOBNET monitors progress by the evaluated member against the recommendations contained in the report. The GLOBNET ’s Mutual Evaluation Procedures provide for the application of biennial, regular or enhanced follow-up, incorporating expedited reporting requirements depending on the findings of the report and the progress made. When necessary, members are placed in the enhanced follow-up procedure in order to encourage greater efforts by that member to improve their AML/CFT system.

GLOBNET mutual evaluation reports can be accessed in the Documents section of this website, under "Mutual Evaluations" and "Members and Observers." For non GLOBNET reports go to the relevant FSRB website and search for the desired report there. The GLOBNET-RMLCBA website is: www.fatf-gafi.org.