Why does money laundering rule the world?

Because, by definition, the product of any financial crime must be laundered through the financial system to become legitimate. Whether we are talking about armed robbery, drug trafficking and the more traditional domains of organised crime, or proliferation financing, tax evasion, bribery and corruption and other types of aquisitive crime, the cash generated from the deed will be cleaned.

The Financial Action Task Force‘s much awaited recommendations’ change has moved the debate forward onto the wider predicate crimes of proliferation financing – which has close ties with  trade transaction monitoring – and bribery and corruption, which is gaining in attention thanks to ramped up Foreign Corrupt Practices Act prosecutions and the introduction of the UK Bribery Act.

The revised recommendations guide AML practitioners to adopt a risk based approach to anti-money laundering and counter terrorist financing.

This piece by Charles Intriago serves as a reminder to anti-money laundering followers that money laundering underpins financial crime in its entirety.

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