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Australia The Continuing Fight against Money Laundering Financial Institutions and FATF's Recommendation 19

Australia The Continuing Fight against Money Laundering Financial Institutions and FATF's... Over the past decade concern has been raised by much of the international community about the integrity and stability of the financial system, given the amount of money being laundered to convert the profits of illegal activities into financial assets which appear to have a legitimate origin. This money includes not only the gains from the sale of illegal drugs but also the profits from organised crime and tax evasion. Annual estimates of laundered funds range from US300bn to as much as US1.000bn, which the International Monetary Fund estimates is 25 per cent of global gross domestic product. The bulk of these funds are derived from the nearly US400bn a year generated from the illegal drugs trade. The magnitude and seriousness of money laundering motivated the General Assembly of the United Nations in 1988 to adopt a universal pledge to put a halt to this activity. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Australia The Continuing Fight against Money Laundering Financial Institutions and FATF's Recommendation 19

Johnson, Jackie
Journal of Money Laundering Control , Volume 4 (1): 10 – Mar 1, 2000
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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1368-5201
DOI
10.1108/eb027263
Publisher site
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Abstract

Over the past decade concern has been raised by much of the international community about the integrity and stability of the financial system, given the amount of money being laundered to convert the profits of illegal activities into financial assets which appear to have a legitimate origin. This money includes not only the gains from the sale of illegal drugs but also the profits from organised crime and tax evasion. Annual estimates of laundered funds range from US300bn to as much as US1.000bn, which the International Monetary Fund estimates is 25 per cent of global gross domestic product. The bulk of these funds are derived from the nearly US400bn a year generated from the illegal drugs trade. The magnitude and seriousness of money laundering motivated the General Assembly of the United Nations in 1988 to adopt a universal pledge to put a halt to this activity.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Mar 1, 2000

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