What is Money Laundering ? - Topic 2: History of Global AML | |
Global history of global Anti-Money Laundering
Development of AML Legislation : Global AML history could be divised into 4 steps as: 1970s: US Bank Secrecy Act is enacted. It requires US financial institutions to assist Us gouvernment agencies to detect and prevent money laundering. Specifically, it requires financial institutions to keep records of cash purchases of negociable instruments, file reports cash transactions exceeding 10.000$ and to report suspicious activity that might signify money laundering, tax evasion or other criminal activities.
1980s:
1990s:
2000s: The FATF adpots its 40 recommandation on Money Laundering and releases its first reports on Non-Cooperative Countries and Territories (NCCTs). The Wolfsbers group is formed. It is an association of global banks, which aim to develop financial services industries standards and related products for, KYC: Know your Customer, AML: Anti Money Laundering, CFT: Counter Financing Terrorism policies. The Wofsberg Anti-Money Laundering Principles for for Private Banking is published. The United Nations adopts the UN Conventions against Transnational Organized Crime.
The FATF releases its eight Special Recommandations on Terrorism Financing. USA PATRIOT Act of 2001 is enacted. The acronym stands for: Uniting and Strenghtening America by Providing Appropriate Tools Requiered to Intercept and Obstruct Terrorism. The Act expanded the authority of US law enforcement agencies for the stated purpose of fighting terrorism in the United States and abroad.
The FAFT adds a ninth recommandations to the previous Eight Special Recommandations on financing Financing Terrorism. The ninth recommandation is a cross-border cash mouvements by terrorist and criminals.
The United Nation Security Council adopts resolution 1735 on Threats to International Peace and Security Caused by Terrorist Act which includes measures on freezing terrorist assests.
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