Countering Money Laundering and Financing of Terrorism: Implementing ADB's Policy
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.
- AML/CFT Activities of the Asian Development Bank (ADB)
- Illustrative AML/CFT Activities
- Going Forward