Enhancing the Asian Development Bank's Role in Combating Money Laundering and the Financing of Terrorism

Date: March 2003
Type: Policies, Strategies, and Plans
Subject:
ADB administration and governance

Description

Over the past several years, the international community has become increasingly concerned about the growing problem of money laundering (ML) and the financing of terrorism (FT). The September 11, 2001 terrorist attacks in the United States revealed that a pervasive international financial network was engaged in the FT. ML and FT constitute global problems affecting both developed countries and developing member countries (DMCs), but assistance in combating these financial crimes is urgently needed by many DMCs. ML and FT have transnational elements, as they are frequently characterized by the movement of money or value between jurisdictions. The international community’s concern with the growing incidence of ML and FT arises from the fear that they could seriously jeopardize the integrity of national financial systems and hamper economic development including strategies for poverty reduction.

Contents

  • Executive Summary
  • The Policy Context
  • International Efforts to Combat Money Laundering and the Financing of Terrorism
  • The Policy
  • Implementing the Policy
  • Recommendation
  • Appendixes