HOW WOULD AML/CFT BE DESIGNED – IF BUILT FROM SCRATCH TODAY?
May 1st, 2021
The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed AML/CFT compliance costs USD300 billion and only nets USD3 billion of an estimated USD3 trillion in criminal funds generated annually (a 0.1% success rate). (1) Their complaints about the cost of AML/CFT have been echoed by other experts. (2) If the system was being designed today, how might it differ from the status ...
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