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What's Behind the Wolfsberg Principles

What's Behind the Wolfsberg Principles The past few years have seen a plethora of antimoney laundering initiatives. One of the latest is the socalled Global Anti Money Laundering Guidelines for Private Banking formulated at a meeting in Wolfsberg, Switzerland the guidelines. Other initiatives have been government led. The guidelines were formulated by representatives from the banking industry in collaboration with Transparency International and Professor Mark Pieth, and launched on 29th October, 2000. They have received a mixed reception in the press. Some have given them a warm welcome, saying they fill a hole left by government regulators. Others are less enthusiastic, dismissing them as window dressing to reduce public and regulatory pressure on banks caught out in a series of embarrassing moneylaundering scandals, such as Salinas, Bank of New York and most recently Abacha. There is little doubt that such pressure is part of the reason for the guidelines and they seem to have generated an impression that banks are facing up to this issue, thus reducing pressure. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

What's Behind the Wolfsberg Principles

Graham, Toby
Journal of Money Laundering Control , Volume 4 (4): 2 – Feb 1, 2001
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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1368-5201
DOI
10.1108/eb027285
Publisher site
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Abstract

The past few years have seen a plethora of antimoney laundering initiatives. One of the latest is the socalled Global Anti Money Laundering Guidelines for Private Banking formulated at a meeting in Wolfsberg, Switzerland the guidelines. Other initiatives have been government led. The guidelines were formulated by representatives from the banking industry in collaboration with Transparency International and Professor Mark Pieth, and launched on 29th October, 2000. They have received a mixed reception in the press. Some have given them a warm welcome, saying they fill a hole left by government regulators. Others are less enthusiastic, dismissing them as window dressing to reduce public and regulatory pressure on banks caught out in a series of embarrassing moneylaundering scandals, such as Salinas, Bank of New York and most recently Abacha. There is little doubt that such pressure is part of the reason for the guidelines and they seem to have generated an impression that banks are facing up to this issue, thus reducing pressure.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Feb 1, 2001

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