Spanning over 41 jurisdictions the Asia Pacific Group or the APG is the anti-money laundering network that was established in 1997. Before 9/11 there were speculations that the money is being laundered to finance large-scale terrorism in the USA but the government did not pay heed to this alert.
This intergovernmental organization makes sure that the best and the most viable tactics are implemented to make sure that terror financing is curbed completely. With the passage of time, it has become clear that the APG is at the forefront for combating terrorism. Kudos to the working of the group many terror events have been completely tackled in recent years.
The Structure Of Asia Pacific Group
The best part of the APG is that it has two co-chairs. There are many countries in the world that have been working in close relation with the Asia Pacific Group to combat money laundering. The permanent chair is held by Australia and the other is rotated among the member countries. The current rotating chair is held by Bangladesh. The headquarters of the APG is located in Sydney Australia and it has been working over the years to make sure that the money laundering dilemma is completely curbed from the member states.
The FIU and the Bangladesh Central Bank are both working in close relation with the APG to work in the south and Southeast Asia.
Role Of Asia Pacific Group
There are many points that are related to the Asia Pacific Group and it makes sure that every point is entertained for the effective working. The world standards of anti money laundering and CFT are implemented as soon as they are launched. It is done to make sure that the APG effectiveness is retained and over the period of time, it has shown that it has worked well and has lived up to his hype. The Asia Pacific Group also helps the member states to overcome the corruption and the political money laundering to combat terrorism in Western societies.
Asia Pacific Group Members
Another good thing about the APG members is that every state is rotated to become the observer. This includes the striking name of Indonesia. The observers make sure that all the member states are visited during their period in office to observe the methods that have been implemented to combat the terror financing. The overall management of the APG members is done in accordance with the permanent chair consultation.
There are some non-acting members of the Asia Pacific Group that neither takes part as observers nor they are active as other member states. These members are only striving to make sure that the AML is implemented in their own countries.
The Bottom Line
With the best and the most advanced outcome on the money laundering stoppage, the Asia Pacific Group is regarded as one of the most effective groups. The APG has been working to make sure that the member states are also equipped with necessary knowledge that is important to identify the white collar crimes. Over the course of years, the APG has effectively managed its role and has worked with the other organizations such as FATF for a world without money laundering.