How does the Asian/Pacific Financial Action Task Force (FATF)-Style Regional Body help its members implement recommendations from the FATF? (Choose two.)
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A. B. C. D. E.CD
The Asia/Pacific Group on Money Laundering (APG) is a regional body that works in collaboration with the Financial Action Task Force (FATF), which is the global standard-setting body for anti-money laundering (AML) and countering the financing of terrorism (CFT). The APG helps its members to implement the FATF's recommendations in two main ways:
The APG helps its member countries to implement the FATF's recommendations through a variety of initiatives and programs, such as mutual evaluations, training and technical assistance. Mutual evaluations involve a peer-review process where experts from different member countries assess each other's AML/CFT systems, identify areas for improvement, and provide recommendations for enhancement. The APG also provides training and technical assistance to its members to help them develop effective AML/CFT systems that are in line with international standards.
The APG encourages its member countries to cooperate and coordinate their efforts in the fight against money laundering and terrorist financing. The APG facilitates information sharing, joint investigations, and other forms of cooperation among its members to ensure that criminals cannot exploit gaps or weaknesses in the AML/CFT regimes of individual countries.
Option A, promoting laws that allow judicial challenges to seizure orders by an administrative body, is not a function of the APG. Rather, it is related to the legal framework of individual member countries. Option B, requiring members to maintain lists of regional money laundering and terrorist financing issues relevant to their region, is not a primary function of the APG but rather a good practice that can help member countries stay informed about emerging AML/CFT risks in the region. Option E, endorsing regulations that define money laundering based on the model laws issued by the respective member states, is also not a function of the APG but rather a responsibility of individual member countries.