Money laundering

Abstract

The presentation surveys current efforts of developing anti money laundering at the government level and at the corporate level. In each case, the objectives are the same, but differences in orientation mean that there has to be an ongoing dialogue as to what is required at the national level and what is feasible at the corporate level. Prior to September 11, 2001 the main thrust of money laundering was evasion of tax and conversion of illicit gains. Post September 11 (though evident leading up until then), an added dimension has been the laundering of money to finance terrorist activities. One broad repercussion of introducing best practice AML programs in financial institutions is that it will intrude on privacy issues. The question here is to what extent should such intrusions be tolerated in the interests of national security.