Between 2 and 5% of global GDP is thought to be laundered every year, whereas only 1.1% is recovered. Anti-money laundering encompasses combating tax avoidance, the financing of terrorism, human (and human organ) trafficking, state-sponsored and corporate bribery, and the proceeds from drug-trafficking and other illegal activities.
Banks and other ‘obliged entities’ complete thousands of suspicious
transactions reports on a daily basis yet only a handful are followed up
on by financial intelligence units (FIUs). This could be due to lack of
capability, capacity or even political direction. Meanwhile, the
breadth and means to launder money have also increased, facilitated by
technological progress. Unfortunately, the current anti-money laundering
regulations have brought little success.
This report sets out the following key recommendations for a new approach to the fight against money laundering.
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© CEPS - Centre for European Policy Studies
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