Ethics and governance in the European Financial centers

The American National Money Laundering Strategy for 2007 breaks new ground in two important respects: it responds directly to the unprecedented U.S. interagency Money Laundering Threat Assessment completed in December 2005, and it focuses exclusively on deterring money laundering, independent of efforts to combat the financing of terror. Money laundering, in its own right, is a serious threat to the US national and economic security. Integrating illicit proceeds into the financial system enables organized crime, fuels corruption, and erodes confidence in the rule of law.


"Countries with lax AML regulation and enforcement pose a national security threat to the United States by providing a safe haven for criminal enterprise"


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In todays global economy, terrorist financing and money-laundering have assumed heightened importance.
Money-laundering and the financing of terrorism are global problems that threaten the security and stability of financial institutions and also lead to undermining economic prosperity. A lot is being done in order to combat money laundering at the global level.
goAML is a UNODC response to combat money-laundering. It is an intelligence analysis system intended to be used by the FIU (Financial Intelligence Unit). The FIU (Financial Intelligence Units) have a big role to play as they have access to financially related information that provides a base for financial investigations. An FIU is responsible for receiving, analysing and processing reports required from financial institutions or person referred to in national anti-money-laundering legislation.

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The Guidance on the Risk-Based Approach to combating Money Laundering and Terrorist Financing was developed by the FATF in close consultation with representatives of the international banking and securities sectors. The Guidance supports the development of a common understanding of what the risk-based approach involves, outlines the high-level principles involved in applying the risk-based approach, and indicates good public and private sector practice in the design and implementation of an effective risk-based approach

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