Anti-money laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from hiding illegally obtained funds as legitimate income.
The Financial Action Task formed by countries and organizations around the world was formed so as to prevent Money laundering. This also encompasses Terrorist Financing following the 9/11 attacks. The International Monetary Fund is an organization which is made of countries which obliges all institutions to put in place measures to detect and prevent money laundering and terrorist financing. The IMF obliges its 189 member countries to comply with international standards to eliminate terrorist financing.
Many financial institutions had to pay huge fines as a result of being unable to adequately have measures in place that would detect where there funds came from. Therefore they failed to do their part of the due diligence. We have worked for several of these institutions and therefore am well equipped to advise on any related matters.
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