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Why is it vitally important to stop money laundering and the financing of terrorism?
Money laundering supports and facilitates global criminal and terrorist activity. If we could ever close down the financial flows which underpin these activities we would be able to halt the problem. Criminals and terrorists have no respect whatsoever for laws, regulations, decency – or ultimately – human life. They will do whatever they need to do to wash the proceeds of their crimes or in the case of terrorists, ensure that funds are available when and where they need them to mount their latest outrage. The history of money laundering by organized criminals is that such groups always surmount any obstacles that are erected in their path, using cutting edge technologies and any new product or facility that can be exploited. Terrorists – with strong unwavering ideologies powering them – must be expected to do the same.
If the money laundering problem is so serious what more can be done to control it, and ultimately stop it?
Clever criminals who are generating substantial sums through their activities realized a long time ago that if you transfer these funds through numerous countries you create a very difficult trail for law enforcement agencies to follow. Money laundering is a worldwide activity – but in my opinion criminals have embraced this global economy rather more effectively and quicker than governments and law makers. Countries still think of this problem in national, rather than international terms. Money laundering can only effectively be fought through continuous and effective co-operation – through such topics as common laws, sharing of information and co-operation between police forces of relevant countries.
Peter Lilley has been described as "a leading expert on money laundering" and is the head of Proximal Consulting, a firm that specializes in global money laundering / fraud prevention and investigation (for further details see www.proximalconsulting.com). He has also written widely on the subject, including his book:
"Dirty Dealing: The Untold Truth about Global Money Laundering, International Crime and Terrorism" (Kogan Page)
ProximalConsulting.com Selected Links
White Paper 1: What Is Money Laundering
White Paper 2: Procedures & Controls To Stop Money Laundering
White Paper 10: Money Laundering & Organized Crime, An Overview
White Paper 11: Money Laundering, The Scale Of The Problem
White Paper 17: Money Laundering Through Stock Exchanges
White Paper 20: FAQs On Money Laundering
White Paper 21: Terrorist Financing Is Not Money Laundering
A-Z Of Money Laundering
Red Flags Of Money Laundering
External Links
The Wikipedia Entry On Money Laundering
The Financial Action Task Force (FATF) Site
Billy Steel's Money Laundering Site
Proximal Consulting
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