{
  "title": "Stepping up the Fight Against Money Laundering and Terrorist Financing",
  "publication": "IMF Blog, July 26, 2017",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2017/07/26/stepping-up-the-fight-against-money-laundering-and-terrorist-financing",
  "canonical": "https://www.imf.org/en/blogs/articles/2017/07/26/stepping-up-the-fight-against-money-laundering-and-terrorist-financing",
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  "summary": "Money laundering and terrorist financing exploit vulnerabilities in financial systems and can threaten economic and financial stability while funding violent and illegal acts.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Money laundering and terrorist financing exploit vulnerabilities in financial systems and can threaten economic and financial stability while funding violent and illegal acts.\n- AML/CFT (Anti-money laundering and combating the financing of terrorism) measures are designed to prevent misuse of the financial system through detection, reporting, confiscation of suspicious financial flows, and sanctioning of criminals.\n- The IMF has engaged in analysis, policy advice, country assessments against AML/CFT standards, and building institutional and operational capacity for almost two decades."
    },
    {
      "heading": "Three priority areas highlighted",
      "content": "- Intensify the fight against corruption and tax evasion\n  - Systemic corruption can seriously undermine a country’s ability to deliver sustainable and inclusive growth.\n  - Large-scale tax evasion reduces investment in health, education, and other public services and increases economic inequality by disproportionately affecting the most vulnerable.\n  - AML/CFT measures can help break the cycle of corruption and tax evasion; example: strengthening of the AML framework in Greece— with IMF assistance—facilitated the seizure of hundreds of millions of euros in proceeds from tax crimes.\n- Promote more effective ways of combating the financing of terrorism\n  - IMF experience includes working with Sudan to develop a framework for implementation of targeted financial sanctions.\n  - Governments should increasingly harness financial technology: machine learning and other artificial intelligence tools could help detect patterns of suspicious financial flows, including very small transactions.\n  - “Distributed ledger” technology could help protect financial systems against cyber-terrorism.\n  - Note risks: fintech can be misused, including through the anonymity of virtual currencies.\n- Ensure small and fragile economies retain access to correspondent-banking services\n  - Concern that global banks might cut correspondent-banking business indiscriminately to minimize AML/CFT compliance risk, jeopardizing countries in Africa, the Middle East, emerging Europe, Latin America, and the Caribbean.\n  - New research shows correspondent-banking relationships have been under pressure in many regions between 2011 and 2016.\n  - FATF clarified regulatory expectations under the AML/CFT standard, which may reduce indiscriminate withdrawal of correspondent-banking relationships.\n  - Best response: concerted efforts by regulators, the financial industry, and affected countries."
    },
    {
      "heading": "IMF contributions, technical assistance, and country examples",
      "content": "- Technical assistance provided on AML/CFT to 120 countries.\n- Assisted countries and outcomes:\n  - Greece: strengthened AML framework; seizure of hundreds of millions of euros in proceeds from tax crimes.\n  - Sudan: developed a framework for implementation of targeted financial sanctions.\n  - Costa Rica, Peru, and Uruguay: helped develop national AML/CFT strategies.\n  - Ukraine: helped improve AML/CFT supervision.\n  - Mongolia: supported strengthening governance and capacity of its financial intelligence unit.\n  - Myanmar, Nepal, and Sudan: IMF assistance was instrumental for these countries to exit FATF monitoring and reconnect to the global financial system.\n  - Angola and Samoa: helped develop and implement measures to address the withdrawal of correspondent banking relationships.\n- IMF convening role:\n  - Brought together local banks, global banks, and other stakeholders to develop practical solutions in the Caribbean, Middle East and Northern Africa, and the Pacific Islands."
    },
    {
      "heading": "Policy recommendations and needed actions",
      "content": "- Intensify efforts against corruption and large-scale tax evasion to protect fiscal capacity for health, education, and social spending.\n- Promote and deploy fintech tools (machine learning, AI, distributed ledger technology) to detect suspicious flows and strengthen defenses, while managing fintech-related risks such as anonymity in virtual currencies.\n- Foster coordinated action among regulators, the financial industry, and affected countries to prevent indiscriminate withdrawal of correspondent-banking relationships.\n- Continue and expand international cooperation and technical assistance to ensure financial integrity and inclusive growth."
    },
    {
      "heading": "Key facts and figures (preserved)",
      "content": "- Publication date: July 26, 2017.\n- IMF technical assistance on AML/CFT provided to 120 countries.\n- Correspondent-banking relationships were under pressure in many regions between 2011 and 2016.\n- Greece: seizure of hundreds of millions of euros in proceeds from tax crimes (result of strengthened AML framework with IMF help).\n- Countries mentioned as beneficiaries of IMF assistance or focus: Sudan, Greece, Angola, Samoa, Costa Rica, Peru, Uruguay, Ukraine, Mongolia, Myanmar, Nepal.\n- Quoted line: “Oh what a tangled web we weave, when first we practice to deceive.” — Sir Walter Scott\n\nStepping up the Fight Against Money Laundering and Terrorist Financing — Christine Lagarde, July 26, 2017\n\n---\n\n Content in this bundle\n\n- 加强对洗钱和恐怖主义融资的打击; IMF 博客; 2017 年7 月26 日\n  - 加强对洗钱和恐怖主义融资的打击; IMF 博客; 2017 年7 月26 日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 加强对洗钱和恐怖主义融资的打击; IMF 博客; 2017 年7 月26 日 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Усиление борьбы с отмыванием денег и финансированием терроризма; Кристин Лагард; 26 июля 2017 года\n  - Усиление борьбы с отмыванием денег и финансированием терроризма; Кристин Лагард; 26 июля 2017 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Усиление борьбы с отмыванием денег и финансированием терроризма; Кристин Лагард; 26 июля 2017 года (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- ربي\n- https://www.imf.org/wp-content/uploads/2017/07/BLOG-1024x600-Money-Laundering-CraigRJD-iStock-462772281.jpg\n- AML/CFT\n- contributed\n- issue\n\nSource: https://www.imf.org/en/blogs/articles/2017/07/26/stepping-up-the-fight-against-money-laundering-and-terrorist-financing"
    }
  ],
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    "Authors: Christine Lagarde",
    "Published: July 26, 2017",
    "Money laundering and terrorist financing exploit vulnerabilities in financial systems and can threaten economic and financial stability while funding violent and illegal acts.",
    "AML/CFT (Anti-money laundering and combating the financing of terrorism) measures are designed to prevent misuse of the financial system through detection, reporting, confiscation of suspicious financial flows, and sanctioning of criminals.",
    "The IMF has engaged in analysis, policy advice, country assessments against AML/CFT standards, and building institutional and operational capacity for almost two decades.",
    "Intensify the fight against corruption and tax evasion",
    "Promote more effective ways of combating the financing of terrorism",
    "Ensure small and fragile economies retain access to correspondent-banking services",
    "Technical assistance provided on AML/CFT to 120 countries.",
    "Assisted countries and outcomes:",
    "IMF convening role:",
    "Intensify efforts against corruption and large-scale tax evasion to protect fiscal capacity for health, education, and social spending.",
    "Promote and deploy fintech tools (machine learning, AI, distributed ledger technology) to detect suspicious flows and strengthen defenses, while managing fintech-related risks such as anonymity in virtual currencies.",
    "Foster coordinated action among regulators, the financial industry, and affected countries to prevent indiscriminate withdrawal of correspondent-banking relationships.",
    "Continue and expand international cooperation and technical assistance to ensure financial integrity and inclusive growth.",
    "Publication date: July 26, 2017.",
    "IMF technical assistance on AML/CFT provided to 120 countries.",
    "Correspondent-banking relationships were under pressure in many regions between 2011 and 2016.",
    "Greece: seizure of hundreds of millions of euros in proceeds from tax crimes (result of strengthened AML framework with IMF help).",
    "Countries mentioned as beneficiaries of IMF assistance or focus: Sudan, Greece, Angola, Samoa, Costa Rica, Peru, Uruguay, Ukraine, Mongolia, Myanmar, Nepal.",
    "Quoted line: “Oh what a tangled web we weave, when first we practice to deceive.” — Sir Walter Scott",
    "**加强对洗钱和恐怖主义融资的打击; IMF 博客; 2017 年7 月26 日**",
    "**Усиление борьбы с отмыванием денег и финансированием терроризма; Кристин Лагард; 26 июля 2017 года**",
    "[ربي](https://blog-montada.imf.org/?p=5525)",
    "[https://www.imf.org/wp-content/uploads/2017/07/BLOG-1024x600-Money-Laundering-CraigRJD-iStock-462772281.jpg](https://www.imf.org/wp-content/uploads/2017/07/BLOG-1024x600-Money-Laundering-CraigRJD-iStock-462772281.jpg)",
    "[AML/CFT](http://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/16/31/Fight-Against-Money-Laundering-the-Financing-of-Terrorism)",
    "[contributed](http://www.imf.org/en/news/articles/2017/06/21/sp062217-working-together-to-fight-money-laundering-terrorist-financing)",
    "[issue](http://www.imf.org/en/publications/policy-papers/issues/2017/04/21/recent-trends-in-correspondent-banking-relationships-further-considerations)"
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