Perpetually subpar anti-money laundering supervision and a persistent lack of corporate transparency have left the world as vulnerable to financial criminals as it was 12 months ago, the Basel Institute on Governance warned Tuesday. In a 51-page report, the Swiss nonprofit welcomed the steps that governments and financial institutions have taken over the past year to more accurately assess their exposure to illicit finance. But minimal progress in improving AML oversight and preventing criminals from using corporate entities to hide funds have largely nullified those efforts, the group found. "Unfortunately, there is little sign of improvement in effectiveness figures for...
Significantly more countries have seen their vulnerability to money launderers and other financial criminals increase over the past 12 months than decrease, a Swiss nonprofit group reported Tuesday.
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