Countering Money Laundering and Financing of Terrorism: Implementing ADB's Policy

Date: April 2008
Type: Brochures and Flyers
Country:
Subject:
Series: Law and Policy Reform Briefs

Description

Watchdogs of the global financial system have been increasingly vigilant in their efforts to eradicate the phenomenon of money laundering and terrorism financing. However, these activities continue to pose a significant threat to international markets and security and hinder economic development. According to some estimates, the amount of money laundered annually is 3–5% of the global gross domestic product, or about US$2.17 trillion–$3.61 trillion. This figure underscores the challenges faced by governmental and multinational institutions seeking to address the flow of criminal and terrorism-related funds through the financial sector. Stemming this flow requires authorities to understand the extent of the phenomenon and adapt to new vulnerabilities, such as the use of mobile phones for effecting fund transfers and internet gambling.

Contents

  • AML/CFT Activities of the Asian Development Bank (ADB)
  • Illustrative AML/CFT Activities
  • Going Forward