This paper analyses the international regime of rules, principles and standards designed to reduce the risk of money laundering in the international financial system. The international anti‐money‐laundering regime ranges from a variety of soft law (non‐binding) principles and rules that involve voluntary cooperative arrangements among states that have evolved in recent years, to a more specific legal framework that binds an increasing number of major states. In particular, the Financial Action Task Force (FATF) and its member states have played a crucial role in developing international norms and rules that require financial institutions to adopt minimum levels of transparency and disclosure to prevent financial crime. The FATF has focused its anti‐money‐laundering efforts on financial institutions because of the ease with which criminal groups have used financial institutions to transmit the proceeds of their illicit activities and because of the threat that money laundering poses to the systemic stability of financial systems.
Alexander, K. (2001), "The International Anti‐Money‐Laundering Regime: The Role of the Financial Action Task Force", Journal of Money Laundering Control, Vol. 4 No. 3, pp. 231-248. https://doi.org/10.1108/eb027276
MCB UP Ltd
Copyright © 2001, MCB UP Limited