close
Top Panel
Top Panel
Top Panel
PDF Imprimer Envoyer
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:

  • 1986: The US Money Laundering Act is passed. It is a United States Act of Congress that made money laundering a federal crime in the US.  It enhanced the BSA by making it a crime to structure transactions in such a way as to avoid reporting requierements.

  • 1988: A United Nation Convention is signed, which established the legal framework to criminalize money laundering (for drug-related offenses)

  • 1989: The Financial Action Task Force (FATF) is established by the G7 summit. The purpose of the FATF is to develop policies to combat money laundering and terrorist financing.

1990s:

  • 1990: The FATF releases its 40 recommandations on money laundering.

  • 1995: The Egmont Group is formed. It is a multinational network of Financial Intelligence Units (FIUs) from around the world. Its purpose is to provise a forum for FIUs, to improve support for each of their national AML programs, coordonate AML initiatives and to exchange information that may aid in financial investigations.
  • 1999: The United Nation adopted the International Convention for the suppression of the financing of Terrorism.

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.

  • 2001:

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.

  • 2004:

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.

  • 2006:

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.