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 />
• US has desired India to play a more aggressive role <strong>in</strong><br />
its global campaign aga<strong>in</strong>st terrorism & its f<strong>in</strong>anc<strong>in</strong>g<br />
by jo<strong>in</strong><strong>in</strong>g groups striv<strong>in</strong>g to curb money launder<strong>in</strong>g.<br />
• India is yet to jo<strong>in</strong> <strong>the</strong> Paris based F<strong>in</strong>ancial Action<br />
Task Force consist<strong>in</strong>g of 29 nations which was set up<br />
<strong>in</strong> 1989 to prevent <strong>in</strong>ternational money launder<strong>in</strong>g.<br />
• Alarmed with reports of money from global terrorist<br />
organizations flow<strong>in</strong>g <strong>in</strong>to <strong>the</strong>ir account, banks across<br />
<strong>the</strong> globe are implement<strong>in</strong>g special anti-money<br />
launder<strong>in</strong>g software to detect unusual flow of money.<br />
Asia Pacific Bank<strong>in</strong>g Congress 2004, Century Park Hotel, Manila, Philipp<strong>in</strong>es
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