One of the great challenges of catching money launderers today is the global nature of the crimes. For example, international money service bureaus can appear legitimate but are often fronts for those who need money laundering. Sophisticated international networks have been established such as Hawala that fall outside easily trackable transactions.
Discussion about the groups involved with the global strategy to work across borders to track and catch money launderers. Regulators here in the US and the cooperation of the regulators and international organizations to conclude if there are additional efforts needed between the two. Who are the groups and regulators? What do they do? What are some additional areas.© BrainMass Inc. brainmass.com June 4, 2020, 2:26 am ad1c9bdddf
Anti-Money Laundering groups and Regulators
Anti-Money Laundering Groups and Regulators
Money laundering that is an illegal activities happening in almost every country (Madinger, 2011). In that case, several groups and regulators have involved in tracking the money laundering activities across borders and catching money launderers (Demetis, 2010). Following are some groups and regulators that work in Anti-money laundering:
Financial Action Task Force on Money Laundering (FATF): This group is an intergovernmental organization involving 34 countries that develops and promotes together an international response to combat basically terrorist financing at all around the world (Schott, 2006). At the same time, this organization also involved in policy making body that brings together legal, financial and law experts to achieve national legislation and regulations to control money laundering activities. FATF also works in collaboration with a ...
The expert determines who are the groups and regulators in additional areas.