Anti-money laundering and counter-terrorism financing across the globe: A comparative study of regulatory action
Julie Walters Carolyn Budd, et al.
Australian Institute of Criminology
This report presents a review of the different approaches taken by nine countries, including Australia, to the adoption of anti-money laundering and counter-terrorism financing (AML/CTF). In response to mounting international concern about money laundering in the late 1980s, countries around the world established the Financial Action Task Force (FATF-GAFI) to set international standards and develop policies to combat money laundering and terrorist financing. In 1990, the FATF-GAFI issued a set of 40 Recommendations to guide the fight against money laundering and these were expanded following 2001 to include nine additional recommendations to respond to the financing of terrorism.
The FATF-GAFI's 40 plus nine Recommendations to combat money laundering and the financing of terrorism (FATF-GAFI 2004) have three primary objectives?to support the criminalisation of money laundering and the financing of terrorism, to ensure that assets linked to money laundering or the financing of terrorism can be frozen and confiscated and to ensure that financial institutions and other regulated businesses comply with the recommendations.
This report reviews the state of international responses to the FATF-GAFI Recommendations in order to assess how countries have applied the requirements, which sectors have been subject to regulation and how compliance and enforcement are undertaken.