The Asia/Pacific Group on Money Laundering (APG) announced that Bangladesh would be taking over the Co-Chair from Sri Lanka. The position was established in the APG’s first annual meeting in Tokyo, Japan, where its members will be elected for a two-year term.
During its two years, Bangladesh will host APG’s Annual General Meeting, which covers issues such as:
- Structure and operation of the APG (including its Terms of Reference, planning issues, budget, etc.);
- Mutual evaluations of members;
- Implementation issues of members;
- Technical assistance and training issues;
- Money laundering methods and counter-measures; and
- Special issues and developments of significance to members.
The APG is an international organisation committed to the “effective implementation and enforcement of internationally accepted standards” against money laundering and the financing of terrorism. Its members consist of 41 members, along with the Financial Action Task Force (FATF) and the Egmont Group of Financial Intelligence Units.
The APG has a close relationship with the FATF and recognises its 40 Recommendation as the international standard for AML/CFT. Additionally, the APG and FATF are involved in joint mutual evaluations of common members within both organisations. The latest mutual evaluation was conducted in Fiji.