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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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Developing National Strategies

Strategies to combat money laundering need to be wide ranging, involving the public and private sector working in partnership in legal, regulatory, financial and law enforcement fields. To ensure that any proposed anti-money laundering strategy is capable of achieving its aim, and of functioning effectively in a given political, social and econ omic environment, it is essential that laws, regulations and administrative actions are developed that take account of the context in which they must operate. This means that all interested parties should participate in the development and administration of antimoney laundering programmes from the outset.

English

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