Which is an objective of the FATF-Style Regional Bodies (FSRBs)?
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A. B. C. D.A
The FATF-Style Regional Bodies (FSRBs) are regional intergovernmental organizations that have been established to promote the implementation of anti-money laundering (AML) and counter-terrorist financing (CTF) measures at the regional level. The FSRBs are modeled after the Financial Action Task Force (FATF), which is an intergovernmental organization that sets international AML/CFT standards and promotes their implementation.
The objective of the FSRBs is to support the implementation of the FATF Recommendations at the regional level. The FATF Recommendations are a set of 40 recommendations that provide a comprehensive framework for countries to implement effective AML/CFT measures. The FSRBs work towards this objective by coordinating AML/CFT efforts within their regions, promoting the implementation of the FATF Recommendations, and providing support and technical assistance to their member countries.
Option A is incorrect because the FSRBs are not authorized to issue their own recommendations. The FATF is the only organization authorized to issue international AML/CFT recommendations, and the FSRBs are expected to promote the implementation of these recommendations.
Option B is also incorrect because the FSRBs are not intended to work independently from the FATF. While the FSRBs do have some autonomy in the implementation of the FATF Recommendations at the regional level, they are expected to work closely with the FATF and to operate within the framework of the FATF Recommendations.
Option C is partially correct. The FSRBs do work in parallel with the FATF, and they operate on the basis of mutual, joint, or common recognition of their work. However, the main objective of the FSRBs is to promote the implementation of the FATF Recommendations, rather than to operate independently from the FATF.
Option D is partially correct. While the FSRBs do promote the implementation of the FATF Recommendations amongst their member countries, they do not have the authority to enforce the implementation of these recommendations. It is the responsibility of individual countries to implement the FATF Recommendations and to ensure that they are effectively implemented.
In summary, the objective of the FSRBs is to support the implementation of the FATF Recommendations at the regional level by coordinating AML/CFT efforts within their regions, promoting the implementation of the FATF Recommendations, and providing support and technical assistance to their member countries. They work in parallel with the FATF and operate on the basis of mutual, joint, or common recognition of their work, but they do not have the authority to issue their own recommendations or enforce the implementation of the FATF Recommendations.