‘Everyone is doing badly’, anti-money laundering czar warns
Despite decades of action, the world is struggling to make gains in the war against money laundering, according to the head of the agency responsible for setting global anti-money laundering standards.
David Lewis, executive secretary of the Paris-based Financial Action Task Force (FATF), said governments were failing to stop organized criminals and corrupt regimes from washing vast sums each year.
Although most countries now have dedicated laws and regulations to combat money laundering, Lewis said: “they are rarely being used effectively, or to the extent that we would expect.”
Recent laundering scandals have included: the draining of funds from 1MDB, Malaysia’s government-run development fund; the washing of Russian criminal funds through a stock dealing scam known as “mirror-trading”; and anonymous shell companies pushing billions of dollars in dirty money through banks in the Baltic region.
No comments:
Post a Comment