Dubai: Concerned over terror funding, the World Bank and the International Monetary Fund (IMF) have launched an intense programme using a comprehensive methodology involving 75 client countries to identify the means of formal and informal remittances used for money laundering and terrorist funding.

"Combating money laundering and the financing of terrorism continues to be a matter of grave concern to member countries and an area of enhanced action by the Bank," says a World Bank report, adding a meeting has been planned in October to discuss the menace.

"Since September, 2001, the Bank and the IMF have undertaken Technical Assistance Programmes involving over 75 client countries, utilising regional and sub-regional workshops and seminars," it said.

The Bank said it is working in this regard with the IMF and other partners, including the UN Global Programme on Money Laundering, the UN Security council Counter Terrorism Committee.

"We have focussed on capacity-building for financial supervisors and financial intelligence units as well as training mutual evaluations for the Financial Action Task Force on Money Laundering (FATF)-style regional bodies.

The report said the World Bank has also implemented for each region Anti-Money Laundering (AML) measures and steps to Combat Financing of Terrorism (CFT) and global learning dialogues targeted towards policy-makers and institutions responsible for implementation of the international standards.

The Bank said it would report next year on the results of the joint Bank/Fund pilot programme of AML/CFT assessments using the comprehensive methodology endorsed by the Bank and Fund Boards and adopted by the FATF.

It said so far in a year's pilot programme, the Bank has undertaken 11 AML/CFT assessment of client countries using the methodology and two more are planned for the next two months.

"We are using these assessments to help identify sequenced and practical measures for building internal capacity, providing targeted technical assistance and incorporating AML/ CFT issues, where relevant, into country assistance strategies and country lending programmes," it said.

PTI