Global AML Watchdog Issues Tips on Tracking Transactions Tied to Weapons Proliferation

By Brian Monroe

Financial institutions should search for transactions tied to the proliferation of weapons of mass destruction by using many of the same tactics they use to investigate money laundering and terrorist financing schemes, a global anti-money laundering watchdog said. Bank compliance departments should be aware of the latest prohibited technology, materials and equipment used to build such weapons and should screen wire transactions, customer relationships and export documents for any ties to Iran, the Paris-based Financial Action Task Force said in guidance released Monday. Terrorists might use fraudulent letters of credit, lines of credit and loans to finance WMDs, FATF said...