International bodies : their effect on your business

One Day. Senior Compliance / Legal / Risk Management

In the alphabet soup that is the blend of international bodies, we find Financial Action Task Force, (FATF, GAFFI) and the several FSRBs (an acronym that isn't actually an acronym), the International Monetary Fund ( IMF) , World Bank, Asian Development Bank (ADB), European Bank for Reconstruction and Development (EDRB), International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) , The Bank of International Settlements, and more.

That's before we even begin to list the various OECD sponsored or supported groups.

All of them have a broadly similar, but not identical approach to issues of financial crime, in part as a result of their origins and purposes.

They are all in a perpetual state of flux both as a result of their own development and as a result of inter-group co-operation.

In theory, none of these groups have a direct impact upon any business except those that they contract with. But that theory does not hold water as, increasingly, regulators define the policies of such bodies as best (or at least good) practice, so sidestepping the need for either legislation or, even, regulatory rules.

In this seminar, we will examine the roles of each of the bodies in relation to financial crime and demonstrate ways in which each of those bodies has, in effect, rule making power over financial institutions and others all over the world.



© 2015 Nigel Morris-Cotterill
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