Combating Money Laundering and Terrorist Financing
A Model of Best Practice for the Financial Sector, the Professions and other Designated Businesses
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.
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.
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Understanding How Terrorism is Financed
According to the definition contained in the International Convention for the Suppression of the Financing of Terrorism drawn up in December 1999, the primary objective of terrorism is ‘to intimidate a population, or to compel a Government or an international organisation to do or abstain from doing any act’. This is in contrast to other types of criminal activity where financial gain is generally the ultimate objective. While there is a difference in goals, terrorist organisations still require financial support in order to achieve their aims, and a successful terrorist group, like any criminal organ - isation, is therefore one that is able to build and maintain an effective financial infrastructure.
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