CFATF Pioneers Cutting Edge Technology To Revolutionise The Global AML/CFT Assessment Process

Vision 2022 platform

In keeping with her views that “These are very exciting times for the CFATF and indeed for the global AML/CFT network”, CFATF Chair the Honourable Allyson Maynard Gibson, in a bold embrace of cutting edge information technology, sets in motion the central plank of her Eleven Point Action Plan, the Vision 2022 Platform, that will revolutionize the entire global AML/CFT Mutual Evaluation process.”

The CFATF Secretariat has begun the collaborative process with its partners within the global AML/CFT network to construct the Vision 2022 Platform and to chart the course for an epic adventure whose mission will be the successful achievement by all CFATF Members of at least seventy five (75) percent compliance with the Financial Action Task Force (FATF) Recommendations.

The CFATF Vision 2022 platform will allow CFATF Members and other countries in the global AML/CFT community, to begin the preparatory stages for the on-site visits way in advance of the arrival of the Teams of Assessors.

The Vision 2022 platform will expedite the consultative mechanism between those CFATF Members being assessed, the Assessment Teams and the CFATF Secretariat.

The Vision 2022 platform will also give early but different levels of access for review and guidance of these efforts, to AML/CFT Experts from the CFATF membership, the FATF Secretariat and FATF Members, Secretariats and Members of other FATF Style Regional Bodies, as well as Experts from EGMONT, International Monetary Fund, World Bank and relevant agencies of the United Nations such as the Counter Terrorism Executive Directorate.

The Vision 2022 platform will allow Experts from the global AML/CFT community to work simultaneously in one document so as to draft, finalize and present high quality Mutual Evaluation Reports for discussion in Plenary.

The potential savings in terms of human and financial resources as well as enhanced productivity and effectiveness will be enormous. The Plenary discussions of Mutual Evaluation Reports will be shorter and will be focused on the strengths and weaknesses of the overall AML/CFT architecture.

The CFATF Secretariat as well as the Secretariats of all AML/CFT Assessment Bodies operating globally will be able to effectively monitor, review and control the participation of all the Experts involved along each step of the process and thereby ensure that schedules and deadlines are observed.

The Vision 2022 platform will maintain an easily accessible central database of the FATF Recommendations and Interpretative Notes, the AML/CFT Methodology, legislation, regulations, guidance notes and all documentation relevant to the assessment process, including the comments and amendments by each Expert on each Mutual Evaluation Report.     

The Vision 2022 platform will also benefit CFATF’s general operations because the technology will also be applicable to all aspects of the CFATF’s operations and has the potential to significantly increase organizational efficiency and reduce operational costs.

Madam Chair Maynard Gibson notes that “We will encourage our colleagues in the global AML/CFT network to support our efforts as we roll out this information technology tool in the coming months.”