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190 Work in Progress / Travaux en cours The World Bank’s Role in the Fight against Money Laundering and Terrorist Financing PIERRE-LAURENT CHATAIN* Money laundering (ML) is the process by which the proceeds derived from a criminal activity 1 are disguised in an effort to conceal their illicit origins and to legitimize their future use. Terrorist financing (TF) is the financial support, in any form, of terrorism or those who encourage, plan or engage in terrorism. Both problems are considered internationally to be the worst scourges, the first because it jeopardizes the economic and financial systems of nations and the second because it threatens international peace and security through the multiplication, in various regions of the world, of terrorist acts motivated primarily by intolerance and extremism. Since the tragic terrorist attacks of September 11, 2001 in the United States, these two scourges, already a matter of concern for all States, have become the focal point of numerous international organizations, particularly the Financial Action Task Force (FATF), the United Nations, the International Monetary Fund (IMF, the Fund) and the World Bank. James D. Wolfensohn, president of the World Bank Group, has declared that the global community should act “where
International Law FORUM du droit international (continued in International Community Law Review) – Brill
Published: Jan 1, 2004
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