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The World Bank's Role in the Fight against Money Laundering and Terrorist Financing

The World Bank's Role in the Fight against Money Laundering and Terrorist Financing 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Law FORUM du droit international (continued in International Community Law Review) Brill

The World Bank's Role in the Fight against Money Laundering and Terrorist Financing

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Publisher
Brill
Copyright
© 2004 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
1388-9036
eISSN
1571-8042
DOI
10.1163/1571804042341802
Publisher site
See Article on Publisher Site

Abstract

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

Journal

International Law FORUM du droit international (continued in International Community Law Review)Brill

Published: Jan 1, 2004

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