Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject C)

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Subproject C is part of the cluster regional capacity development technical assistance (TA) that supports the banking and finance sectors in developing member countries (DMCs) of the Asian Development Bank (ADB). It aims to improve the implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) regulatory measures and strengthen the capacity of domestic banks and nonbank financial institutions (NBFIs) to comply with the requirements of the Financial Action Task Force (FATF). The TA is aligned with the ADB policy on combating money laundering (ML) and the (FT),1 which calls on ADB to (i) assist DMCs in establishing and implementing effective legal and institutional systems to combat ML and FT, (ii) increase collaboration with other international organizations, and (iii) strengthen internal controls to safeguard ADB's funds. The TA supports strengthening governance and institutional capacity, which is one of the operational priorities under Strategy 2030.2 The TA also supports goal 16 of the Sustainable Development Goals, which aims to strengthen the rule of law and the participation of developing countries in the institutions of global governance.