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Anti-Money Laundering Legislation - past and future
- Article from:
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Credit Management
- Article date:
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January 1, 2004
- Author:
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Copyright informationCopyright Institute of Credit Management Ltd. 2004. Provided by ProQuest LLC. (Hide copyright information)
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Beverley Dewhirst continues with a look at the progress made in combating money laundering around the globe, and the outlook for the future.
Mounting concern over money laundering prompted the G-7 Summit in Paris in 1989 to set up the Financial Action Task Force (FATF) to develop a coordinated international approach to the problem. In 1990 the FATF recommended 40 anti-money laundering measures and each FATF member made a firm commitment to combat money laundering. Those recommendations have been revisited in 1996 and, more recently, in 2003.
Regulatory and industry bodies in the UK have long been concerned about money laundering and how the resulting profits are used to support criminal ...