The contiguous stretch of land from Iraq to Tajikistan remains one of the riskiest geographies for financial institutions shielding themselves from money launderers and terrorist financiers, according to a Swiss nonprofit organization. In the first update of its annual anti-money laundering (AML) risk index, the Basel Institute on Governance said Tuesday that Afghanistan, Iran, Cambodia, Tajikistan and Iraq are the most vulnerable nations in the world to the two sets of criminals. The update marked the first time that the Basel Institute included Afghanistan, Iraq and 10 other nations on the list. The institute ranked Norway, Slovenia, Estonia, Finland and...
The United States should strengthen its efforts to fight money laundering and terrorist financing associated with Afghan opium ahead of a military withdrawal from the nation, U.S. officials said Wednesday.
A Switzerland-based nonprofit group Wednesday released what it's calling the first independent ranking of countries for anti-money laundering and financial crime risks, based on 12 national and nongovernmental indices.
Although the anti-money laundering laws of most countries are sound, the number of money laundering convictions worldwide remains relatively low for at least one reason, according to Daniel Thelesklaf, the executive director of the Switzerland-based Basel Institute on Governance.
Banks should provide more detailed information on parties involved in cover payment transactions once a new interbank messaging system is implemented in the fall, according to an international banking committee.