Wednesday, January 27, 2010

A history of money laundering

Well, it's more than a history - it's a policy document too -- but anyone interested in money laundering would do well to read this recent publication from the Amsterdam-based Transnational Institute, entitled Countering Illicit and Unregulated Money Flows: Money Laundering, Tax Evasion and Financial Regulation. As it notes:

"Tackling tax evasion is still in its infancy, and there is a growing awareness that the AML regime is not working as well as intended.

Experts still ponder how to implement one that works. Tax havens and offshore financial centres (OFCs) were identified as facilitating these unregulated and illicit money flows. The 2007-2008 credit crisis made only too clear the major systemic risk for all global finance posed by the secrecy provided by tax havens and OFCs. They were used to circumvent prudential regulatory requirements for banks and other financial institutions and hide substantial risks from onshore regulators."


Those interested in this crucial issue would do well to read this.

1 Comments:

Anonymous Karthick said...

Is this about turning black money to while money?

I am writing a blog about the history of money.

9:51 am  

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