The role of international organisations in the development of the financial monitoring system

Abstract

The work aims to explore and highlight the crucial role of international organisations in developing the financial monitoring system. By setting global standards, providing capacity-building support, facilitating information sharing, conducting assessments, advocating policy measures, and promoting international coordination, these organisations contribute to preventing and detecting illicit financial activities.

The methodological basis of the study involves a combination of qualitative research methods, a literature review, and an analysis of relevant documents and reports from international organisations. The author used the given methods to achieve the goal of the article: (1) literature review; (2) analysis of international organisation documents; (3) qualitative research methods, and (4) comparative analysis.

Results. International organisations play a crucial role in setting global standards and guidelines for anti-money laundering and combating the financing of terrorism. These standards provide a framework for countries to develop their domestic legislation and establish effective financial monitoring systems. They provide extensive capacity-building support to countries, assisting them in implementing and enforcing financial monitoring standards. International organisations facilitate the exchange of information among countries, enabling them to identify and track illicit financial activities across borders.

Conclusions. International organisations play a vital role in developing the financial monitoring system. They serve as platforms for cooperation, coordination, and information exchange among countries, helping to establish global standards, guidelines, and best practices. Their collective efforts contribute to preventing and detecting illicit financial activities, fostering integrity and stability in the global financial system.