The Mutual Evaluation process in the region started with the creation of GAFISUD.
The Mutual Evaluation is a revision of the systems and mechanisms created in each member country to implement money laundering and terrorist financing prevention systems.
Compliance with the 40 Recommendations is examined, as well as its effective implementation to combat money laundering and terrorist financing.
It is by means of a questionnaire that the authorities of the country that is being evaluated provide all the necessary information for the evaluating team to analyse the situation of the country ex situ. Then, a group of experts made up of representatives from other member countries and observer countries or organizations complete the analysis by means of in situ interviews with the organizations involved.
In general, each evaluation team has a legal expert, an operational expert, two financial experts and the support of two representatives from the Executive Secretariat.
The evaluation is made according to the criteria set out in the GAFISUD Evaluators Manual followed by a written report of the evaluation.
It is checked and discussed by a revision group before it is submitted to the Plenary of representatives for its approval.
Follow up process
The Mutual Evaluation process does not end with the evaluation report, the work made by GAFISUD to support the countries being evaluated to improve the AML/CFT systems begins with it. After a report is approved, the follow up process is determined for each country to check the progress made in order to overcome the deficiencies identified in the report.
Besides, all countries followed up must submit an action plan with concrete dates and measures for compliance with the main international standards on the matter.
4th Round of evaluations
3 rounds of Mutual Evaluations have taken place up to the end of 2011. With the revision of the FATF Recommendations that finished with the approval of the 40 new Recommendations in February 2012, a new Manual for evaluators will be drafted and the 4th Round of evaluation will begin.
During 2012, GAFISUD makes a round of self evaluations of its members so as to quickly know the level of demand of the new standards in each country and to prepare the money laundering and terrorist financing national prevention systems before the beginning of the 4th round in 2013.