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Combating Money Laundering and Terrorist Financing

A Model of Best Practice for the Financial Sector, the Professions and other Designated Businesses

image of Combating Money Laundering and Terrorist Financing
The Commonwealth has been in the forefront of international efforts to combat money laundering and terrorist financing, particularly through supporting its developing member countries to implement comprehensive Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) systems that comply with global standards.



The first edition of this book was published in 2005, and this second edition now includes additional information on understanding how terrorism is financed. The book incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations.



The manual will be of great use to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop viable AML/CFT systems.



The publication is divided into three main parts: the first deals with global issues, the second with national issues and in particular, national strategy formulation; and the third with financial and professional sector procedures.

English

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Background and Introduction

It is now over a decade since the first formal and concerted international action to combat money laundering was taken. At that time it was recognised that without effective international and regional co-ordination, there was little prospect of successful action to deprive criminals of the proceeds of their crimes. National economies also needed to be protected from the harmful effects of crime and its financial rewards. Global, regional and national initiatives and strategies all had their part to play in this concerted effort to combat serious crime.

English

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