In June 2019, the European Commission launched the "Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (GF-AML/CFT)" to provide support to third countries to strengthen their AML/CFT regimes. The term Global reflects the geographic scope of the project. Facility reflects its demand driven nature.
The overall objective of the project is to cut off access to funding for individual terrorists and terrorist organisations and introduce enhanced measures against serious organised crime, through support to increase compliance with the EU AML/CFT Framework, the FATF Recommendations and relevant UN Security Council Resolutions.
In May 2023, the European Commission extended the project till December 2024.
The general purpose of the project is to increase awareness of AML/CFT issues and best practices; to provide assistance to improve the AML/CFT legislative, regulatory and policy framework; to foster AML/CFT analytical and operational capacity; to help improve the effectiveness and efficiency of AML/CFT systems such that financial flows from the informal economy and from organised crime to terrorist organisations are reduced, the use of serious organised crime proceeds is hindered and asset recovery mechanisms are improved; to encourage co-operation and networks on AML/CFT matters at national, regional and international levels; and to facilitate dialogue between public authorities and civil society and private sector actors.
The project has three specific objectives: 1. To strengthen the AML/CFT legislative, regulatory and policy framework; 2. To build AML/CFT institutional capacity in third countries; and 3. To increase national, regional and international cooperation on AML/CFT issues.