A Guide to Anti-Money Laundering for Crypto Firms

Asia Pacific Group APG

What Is The Asia Pacific Group (APG)?

The Asia Pacific Group on Money Laundering is an inter-governmental organization working to implement international standards for the prevention of money laundering and counter terrorist financing in the Asia Pacific region.

The Asia Pacific Group (APG) is an evolution of the FATF-Asia Secretariat, which was originally formed in 1995. After the last meeting of the secretariat in 1997, the APG was established with 13 founding members and a goal to ensure AML compliance across the region. After September 11, that goal expanded to include countering terrorist financing.

Today, the APG has grown to include 41 member-states along with 8 observer states, and a number of observer organizations, including the International Monetary Fund, the United Nations, and the World Bank. Part of a network of FATF-style regional bodies (FSRB), the APG is the largest of its type both by geographic and membership size. The APG’s activities are supported and coordinated by its Secretariat, headquartered in Sydney, Australia.

What does the APG do?

Mutual evaluations: The APG uses a peer review process to assess member states’ compliance with the AML/CFT standards it promotes.

Technical assistance & training: To help member-states achieve compliance, the Asia Pacific Group provides technical assistance and AML training to national enforcement agencies.

Typologies research: The APG researches and responds to emerging methodologies and trends in financial crime, assisting member-states in the implementation of appropriate legislation.

Global participation: The APG actively participates in the global FSRB network in order to develop and implement international AML policy.

Private sector engagement: To achieve its AML goals, the Asia Pacific Group actively engages with private sector organizations across the region, including financial institutions, NPOs, and educational institutions.

Asia Pacific Group Assistance

The APG directly assists its members in introducing AML legislation. Structuring its approach to the needs of individual countries, the APG also provides guidance for setting up AML agencies and financial intelligence units: in Afghanistan, for example, the APG is helping to establish national mechanisms to coordinate agencies in the fight against financial crime.

Asia Pacific Group Policy

The APG determines its AML policies using the FATF 40 9 Recommendations. Although the Asia Pacific Group meets in plenary sessions each year, it also meets every three years to develop a wider strategic plan to address money laundering concerns across the region.

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