July 13, Colombo: The 20th Annual Meeting of the Asia/Pacific Group on Money Laundering (APG) will be held in
Colombo during July 17-21, 2017 with the participation of about 450 local and foreign delegates from 41 member countries and several international observer organizations.
President Maithripala Sirisena will participate in the event as the Chief Guest.
The Asia/Pacific Group on Money Laundering, an autonomous and collaborative international organization, was founded in Bangkok, Thailand in 1997, initially by thirteen countries including Sri Lanka.
The APG is the regional body tasked with the monitoring of the effective implementation and enforcement of internationally accepted standards against money laundering and the financing of terrorism, in particular, the Forty Recommendations of the Financial Action Task Force (FATF) within member countries.
Currently, the APG has a varied membership consisting of small economies in the Pacific to the largest economies in the world such as United States, China, Japan and the India.
In addition to its permanent member countries, this year's APG Annual Meeting will be attended by a number of international and regional observers such as the FATF, International Monetary Fund, World Bank, Organization for Economic Co-operation and Development (OECD), United Nations Office on Drugs and Financial Intelligence Unit Crime (UNODC), Asian Development Bank (ADB) and the Egmont Group of Financial Intelligence Units.
The APG, as the largest FATF-styled Regional Body (FSRB) in the world, plays a pivotal role in the ever-changing global landscape of Anti Money Laundering (AML) and Countering Financing of Terrorism (CFT).
The 20th Annual Meeting will be useful for member countries to strengthen international cooperation, review AML/CFT compliance levels and adopt actions to address AML/CFT weaknesses. The Annual Meeting will be especially significant to Sri Lanka, as Sri Lanka becomes the APG Co-chair for the years 2016-2018 while the country can further show its commitment to implement actions to achieve international AML/CFT standards.
The pre-plenary sessions of the Annual Meeting are scheduled to commence from Saturday, July 15, 2017 onwards.