International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
International Money Laundering in the Banking Sector
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J.D. Agarwal & Aman Agarwal, <strong>International</strong> <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> <strong>in</strong> <strong>the</strong> Bank<strong>in</strong>g <strong>Sector</strong><br />
What Bankers need to Know:<br />
Anti <strong>Money</strong> <strong>Launder<strong>in</strong>g</strong> Controls?<br />
• In February 1988, <strong>the</strong> OECD's F<strong>in</strong>ancial Action Task<br />
Force- for money launder<strong>in</strong>g <strong>in</strong> its Annual Report<br />
highlighted <strong>the</strong> problem <strong>in</strong> Mexico and stated<br />
“Corruption rema<strong>in</strong>s <strong>the</strong> chief impediments to<br />
Mexican's anti-launder<strong>in</strong>g efforts”<br />
• Under <strong>the</strong> auspices of UNO, <strong>the</strong>re is an <strong>in</strong>ternational<br />
campaign to crack down on problem of money<br />
launder<strong>in</strong>g.<br />
• Now countries have enacted laws to prevent money<br />
launder<strong>in</strong>g and allow closer scrut<strong>in</strong>y of suspect bank<br />
accounts of crim<strong>in</strong>als.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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