Beruflich Dokumente
Kultur Dokumente
Agenda
What is Money Laundering? Link to Economic Development Effects on Economic Development Financial Sector Real Sector External Sector Anti-Money Laundering Efforts Conclusion
Sources : THE NEGATIVE EFFECTS OF MONEY LAUNDERING ON ECONOMIC DEVELOPMENT, by: Brent L. Bartlett for the Asian Development Bank www.fatf-gafi.org www.fincen.gov www.treas.gov/ofac
Layering
multiple and sometimes complex financial transactions are conducted to further conceal their illegal nature
Integration
illicit funds re-enter the economy disguised as legitimate business earnings (securities, businesses, real estate)
Inbound Outbound
Flow-through
C o s T
MR = Crime opportunities
Quantity of Crime
AML Efforts
Creating anti-money laundering regulatory and enforcement organizations in countries and regional groupings
Financial Action Task Force (FATF), UN, Egmont Group Financial Crimes Enforcement Network (FinCEN) Office of Foreign Assets Control (OFAC) Bank Secrecy Act (BSA) and the USA PATRIOT Act of 2001
Conclusion
Money laundering threatens economic development. The international financial community should strongly support anti-laundering efforts, and cooperate to share information, and regulatory and enforcement actions. Developing countries should impose antilaundering laws to improve the credibility of not only its financial sector, but its governance as well.