Review of Enhancing the Asian Development Bank's Role in Combating Money Laundering and the Financing of Terrorism

Abstract

Pursuant to the policy Enhancing the Asian Development Bank’s Role in Combating Money Laundering and the Financing of Terrorism of 1 April 2003, the Asian Development Bank (ADB) has carried out a review of its activities under the policy following 5 years of implementation. ADB has, in general, carried out a substantial level of activities in anti-money laundering and combating the financing of terrorism (AML/CFT) under the policy. In particular, ADB has (i) through its programs, projects, and technical assistance projects, assisted the developing member countries (DMCs) to develop and strengthen their AML/CFT regimes; (ii) collaborated closely with relevant international organizations and donor agencies to foster and coordinate AML/CFT development activities, share international and regional best practices with DMCs, and share experiences of working with the DMCs; (iii) focused on strengthening its internal control procedures for due diligence on AML/CFT issues; and (iv) raised its staff’s level of knowledge and understanding of AML/CFT matters.