Key Role of FATF-Style Regional Bodies (FSRBs)

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FATF-Style Regional Bodies (FSRBs) are intergovernmental organizations that are established to promote and support the implementation of anti-money laundering and counter-terrorist financing (AML/CFT) standards in their respective regions.

A key role of FSRBs is to support the system of mutual evaluation. Mutual evaluations are the cornerstone of the FATF's AML/CFT process and are conducted to assess a country's level of compliance with the FATF's 40 Recommendations and the effectiveness of its AML/CFT regime. FSRBs play a crucial role in facilitating the mutual evaluation process by providing technical assistance, training, and support to their member countries.

In addition to supporting mutual evaluations, FSRBs also play a role in setting regional standards for combating money laundering. FSRBs are responsible for developing and promoting regional AML/CFT standards that are in line with the FATF's 40 Recommendations. These regional standards take into account the specific characteristics and challenges of the region, while also ensuring that they meet the international AML/CFT standards.

FSRBs do not have the authority to enforce the specific FATF laws in the region or to bring additional terrorist financing laws into action. However, FSRBs can encourage their member countries to adopt and implement the FATF's standards and recommendations, including the Recommendations related to terrorist financing.

Overall, the key role of FSRBs is to promote and support the implementation of the FATF's AML/CFT standards in their respective regions through mutual evaluations, regional standards setting, and technical assistance.