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FATF Warns on Laundering Risks of Websites and Internet Payment Systems

Online payment systems remain vulnerable to money launderers and terror financiers, an international organization that issues guidance on combating the crimes said Thursday. The Paris-based Financial Action Task Force (FATF) said in a report that Internet businesses that allow individuals to move money rapidly and with relative anonymity are likely to be exploited by traditional and trade-based money launderers to place, layer and integrate dirty money into financial institutions. Such companies have been used to sell drugs and pay for weapons, as well as money launderers who set up fake deals for products that are either never shipped or are...

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