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Part One. Article 7 71“3. In establishing a domestic regulatory and supervisory regime in accordancewith the terms of this article and without prejudice to any other article of thisConvention, States Parties:“(a) [Should consider implementing the forty recommendations of the FinancialAction Task Force on Money Laundering, dated ...] [Shall ensure that their implementationand application of this article are consistent with the forty recommendationsof the Financial Action Task Force on Money Laundering, dated ... and containedin annex ... to this Convention]; and“(b) [Shall] [May], where appropriate, [implement] [take account of] other relevantinitiatives against money-laundering endorsed by the Organization of AmericanStates, the European Union, the Council of Europe and the Caribbean Financial ActionTask Force. 14“4. States Parties shall endeavour to develop and promote global, regional, subregionaland bilateral cooperation among judicial, law enforcement and financial regulatoryauthorities in order to combat money-laundering.”Seventh session: 17-28 January 2000Notes by the Secretariat4. Delegations based their comments on the text of article 4 bis of the revised draftconvention contained in document A/AC.254/4/Rev.6, which was the same as that containedin document A/AC.254/4/Rev.5.Rolling text (A/AC.254/4/Rev.7)“1. Each State Party:“Article 4 bis 15“Measures to combat money-laundering“(a) Shall institute a comprehensive domestic regulatory and supervisory regimefor banks and non-bank financial institutions and, where appropriate, other bodiesparticularly susceptible to money-laundering, within its competence, in order to deterand detect all forms of money-laundering, which regime shall emphasize requirementsfor customer identification, record-keeping and the reporting of suspicious transactions;1614Care must be taken to include references to all relevant regional organizations against money-laundering that mightbe in existence at the time that the convention was opened for signature.15The text of this article was revised pursuant to discussion at the informal consultations held during the seventh sessionof the Ad Hoc Committee. Except where indicated otherwise, this revised text was provisionally approved at the informalconsultations and recommended by the Chairmen of the informal consultations as the basis for the consideration andapproval of the article by the Ad Hoc Committee at its eighth session.16Subparagraph (a) would remain under review, pending the final formulation of paragraph 3 of this article and inorder to consider whether it would be appropriate to insert the phrase “in conformity with domestic law”.