fbpx 50258-003: Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject B) | Asian Development Bank

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

Sovereign (Public) Project | 50258-003 Status: Active

Subproject B 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) 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 DMCs that were originally covered by the TA are Bhutan, Mongolia, Papua New Guinea, and the Philippines. Post-circulation of the Technical Assistance Subproject report, the following additional DMCs have also signified their interest to be part of Subproject B: Nepal, Sri Lanka, Tajikistan, Thailand and Vietnam. In total, Subproject B will now support nine DMCs.

 
Project Name Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject B)
Project Number 50258-003
Country Regional
Bhutan
Mongolia
Nepal
Philippines
Papua New Guinea
Sri Lanka
Tajikistan
Thailand
Viet Nam
Project Status Active
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 9706-REG: Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject B)
Technical Assistance Special Fund US$ 1.00 million
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Knowledge solutions
Partnerships
Private sector development
Sector / Subsector

Finance / Banking systems and nonbank financial institutions

Gender Equity and Mainstreaming No gender elements
Description

Subproject B 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) 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 DMCs that were originally covered by the TA are Bhutan, Mongolia, Papua New Guinea, and the Philippines. Post-circulation of the Technical Assistance Subproject report, the following additional DMCs have also signified their interest to be part of Subproject B: Nepal, Sri Lanka, Tajikistan, Thailand and Vietnam. In total, Subproject B will now support nine DMCs.

Subproject A has successfully supported the targeted DMCs to expand the reach of domestic AML/CFT reforms beyond the banking sector and into other targeted risk areas, particularly NBFIs and DNFBPs. Subproject B intends to deepen the impact of these reforms by helping the governments of the targeted DMCs to ensure that the improved regulatory frameworks are adequately implemented by the domestic banking sector, NBFIs and DNFBPs. This is foreseen to entail a deeper level of engagement with covered persons from within these sectors, including focused interventions to train compliance officers in the private sector, and assistance to develop or improve internal AML/CFT governance structures, policies and processes.

Project Rationale and Linkage to Country/Regional Strategy Considering that Subproject A managed to provide technical assistance aimed at strengthening the compliance functions within domestic banks and NBFIs, and supported FIUs and regulators to improve regulatory frameworks, Subproject B is expected to expand the impact of the TA by providing more resources to: (i) further deepen the initial assistance provided, by ensuring that the trainings, tools and guidelines delivered under Subproject A actually translate to improved compliance programs, systems and practices; (ii) broaden the reach of the assistance to a wider number of banks and NBFIs, and to DNFBPs; and (iii) strengthen national corporate registration systems and data sources, which will - in turn - improve the effectiveness of the CDD performed by domestic entities.
Impact Legal and institutional systems to combat money laundering and the financing of terrorism are established and implemented effectively.
Project Outcome
Description of Outcome Capacity of DFIs to comply with the Financial Action Task Force AML/CFT requirements strengthened
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

a. AML/CFT risk-based due diligence rules and procedures are developed and implemented by the selected DFIs.

b. The capacity of DFIs to effectively use adequate CDD tools and approaches, including the identification of ultimate beneficial ownership, is enhanced.

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Bhutan - Nation-wide; Mongolia - Nation-wide; Nepal - Nation-wide; Papua New Guinea - Nation-wide; Philippines - Nation-wide; Sri Lanka - Nation-wide; Tajikistan - Nation-wide; Thailand - Nation-wide; Viet Nam - Nation-wide
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services Consultants will be engaged by ADB in accordance with its Guidelines on the Use of Consultants (2013, as amended from time to time).
Responsible ADB Officer Syquia, Jose Luis C.
Responsible ADB Department AIOD
Responsible ADB Division AIOD-DU
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance -
Fact Finding 09 Jul 2018 to 09 Jul 2018
MRM -
Approval 11 Jan 2019
Last Review Mission -
Last PDS Update 15 Jan 2019

TA 9706-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
11 Jan 2019 - 11 Jan 2019 31 Dec 2020 - -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 11 Jan 2019 45,752.40

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Safeguard Documents See also: Safeguards

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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Tenders

Tender Title Type Status Posting Date Deadline
Mongolia: National Training Consultant (Computer Tools to aid Financial Investigation) Individual - Consulting Active 24 May 2019 27 Jun 2019
Mongolia: International AML Expert Individual - Consulting Closed 24 May 2019 06 Jun 2019
Mongolia: National Training Consultant (Project Management Consultant) Individual - Consulting Closed 24 May 2019 06 Jun 2019
International AML/Legal Expert Individual - Consulting Closed 13 Mar 2019 26 Mar 2019
Developing Anti-Money Laundering and Combating the Financing of Terrorism Approaches, Methodologies, and Controls (Subproject B) Individual - Consulting Closed 21 Feb 2019 06 Mar 2019
Project Management and Anti-Money Laundering Individual - Consulting Closed 12 Feb 2019 25 Feb 2019

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.