Will it come out in the wash?
Anti-money laundering enforcement is a dirty job, but somebody’s got to do it. The problem with the US framework, however, is a confusing array of regulators and a lack of clear implementation guidelines. By Choongo Moonga
It is nearly three years on from the terrorist attacks of September 11, 2001 – an event that sparked a flurry of reforms in the world of anti-money laundering (AML) and terrorist financing. The most aggressive country in the AML wars has arguably been the US, where the USA Patriot Act was passed in October 2001. The law raised expectations that one of the biggest financial crimes would be halted or at least reduced drastically. However, many in the financial services industry now argue that the
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