The Financial Control Monitoring Network (FCMN) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FCMN are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FCMN is therefore a “policy-making body” and enforcements partner which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas and work with all level of organization to enforce the rules.
The FCMN has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction. They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field. First issued in 1990, the FCMN Recommendations were revised in 1996, 2001, 2003 and most recently in 2019 to ensure that they remain up to date and relevant, and they are intended to be of universal application.
The FCMN monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FCMN works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse, and work with financial institutions to identify and issue necessary clearances needed to keep clean reconfirm and track financial movements to and from origin.
The FCMN’s decision making body, the FCMN Plenary, meets three times per year.
