FATF Training and Research Institute (TREIN) opened at BIFC on Sep. 20
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The opening ceremony of the FATF Training and Research Institute (TREIN) took place at the Busan International Finance Center (BIFC) on September 20, 2016, with participation from about 100 delegators in Korea and overseas including Busan Mayor Suh Byung-soo and FATF Executive Secretary David Lewis.
The Financial Action Task Force, or FATF, is one of the most influential and important organizations in regard to combating financial crimes, such as money laundering, terrorist financing, and other forms of corruption. The inter-governmental institution, founded in 1989, comprises 37 member countries, 9 associate member countries and 24 observers, and is headquartered in Paris.
The objectives of FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The TREIN institute meets the need for training and capacity-building in the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) measures. Through the institute’s facilities, government officials from all member countries of the FATF Global Network will have access to a comprehensive training and research programs. Low capacity countries or countries with a less mature AML/CFT regiment will be able to benefit greatly from the additional expertise and research it provides.
The institute will also provide a venue to train government officials involved in the assessments, or mutual evaluations of a county’s implementation of effective AML/CFT measures. Assessors, reviewers and officials whose country is being reviewed, will learn more about the way the FATF and the FATF-Style Regional Bodies (FSRBs) measure the effectiveness of an AML/CFT protocol.
Ultimately, the training and research facilities will increase the capacity of all countries to fully and effectively implement sound measures to protect the integrity of the financial system and ensure that FATF and FSRBs take a consistent approach to measuring the effectiveness of each country’s efforts to tackle threats to the integrity of the international system.
Its regular programs will begin from next year, while trial programs are operating this year.
