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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.

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Preface to the First Edition

Money laundering is a worldwide problem. It involves hundreds of billions of dollars that are laundered through international financial institutions. With increasing global isation and liberalisation of financial systems, countries are becoming more vulner able to the risks of money laundering and its contagious effects. The sheer scale of money laundering and the damage it causes warrant a strategic global approach. The work of the Financial Action Task Force (FATF) in formulating global policies to combat money laundering over the last 15 years has addressed the changing methods and techniques used by money launderers as they respond to evolving counter-measures. The FATF’s original 40 Recommendations were drawn up in 1990 to combat the misuse of financial systems by persons seeking to launder dirty money, usually the proceeds of the narcotics trade and other criminal activities. In 1996, the Recommendations were revised for the first time to reflect evolving money laundering typologies. Following the terrorist attacks on the United States of 11 September 2001, the FATF issued a further nine Special Recommendations to combat terrorist financing, which sometimes involved the use of funds from legitimate sources for this illegitimate activity.

English

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