Posted on July 1, 2016 by iMFdirect
By Sean Hagan and Ross Leckow
Since the 2008 global financial crisis, the international community has made a great deal of progress in strengthening legal frameworks governing the financial sector, but a great deal more needs to be done to implement international standards and develop appropriate approaches to emerging challenges.
Filed under: banking, Financial regulation, Government, IMF, International Monetary Fund | Tagged: AML/CFT, banking regulat, corresponding bank relationships, emerging economies, financial inclusion, financial stability, IMF, iMFdirect, International Monetary Fund, Islamic banking, law, legal frameworks, money laundering, shadow banking | Leave a comment »
Posted on June 27, 2011 by iMFdirect
By Jody Myers
(Version in Français)
Drug traffickers, diamond smugglers, and terrorists’ financiers around the world have one thing in common: they abuse the financial system to “clean” the proceeds they have obtained from their illegal work, or to transfer funds to achieve their destructive aims. The former is known as money laundering and the latter as terrorist financing.
In the United States alone, profits from these crimes are estimated around $275 billion, excluding tax evasion.
Our research shows this dark side of the economy has destructive consequences for a country’s financial stability, economy, and governance. Continue reading
Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Europe, Financial Crisis, International Monetary Fund | Tagged: Article IV, banks, corruption, Financial Action Task Force, financial institutions, Financial Sector Assessment Program, government revenues, inflation, insider trading, International Monetary Fund, money laundering, purchasing power, risk, tax evasion, terrorist financing, United States | 4 Comments »
Posted on December 17, 2009 by iMFdirect
By Sean Hagan and Jody Myers
The international community has made the fight against money laundering and terrorist financing a priority. The IMF is especially concerned about the possible consequences of money laundering and the financing of terrorism on our members’ economies and on international financial stability.
The IMF’s Legal Department has the lead on the Fund’s work in combating money laundering and the financing of terrorism, and our work includes assessments of countries’ compliance with the international standard on anti-money laundering and combating the financing of terrorism (AML/CFT), technical assistance, research, and policy development.
Investors in pyramid scheme company VEFA speak to official in Tirana, Albania, in 1998 (photo: AFP)
Building on the results of our recent work on the risks from money laundering and the macroeconomic impacts of money laundering and predicate crime, we are seeking to integrate AML/CFT more fully into the Fund’s surveillance and Financial Sector Assessment Programs (FSAPs).
Filed under: Economic Crisis, Financial regulation, Global Governance, IMF, International Monetary Fund, Multilateral Cooperation | Tagged: compliance, corruption, crime, governance, money laundering, pyramid schemes, surveillance, tax evasion, terrorist financing, transparency, underground economy | 3 Comments »