Financial Crime Matters

Re-thinking the ‘War on Dirty Money,’ with Tristram Hicks

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Apr 17, 2023
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INSIGHT

Critique and Reset Needed

  • The book critiques the current ineffective global anti-money laundering system and offers concrete solutions.
  • It provides a comprehensive history and highlights the need for a reset to operational effectiveness.
INSIGHT

FATF's Achievements and Flaws

  • The FATF established global AML standards and transformed money laundering into a crime in over 200 jurisdictions.
  • However, it has shifted toward compliance tick boxes rather than operational effectiveness.
ADVICE

Make Evaluations Flow-Based

  • Evaluations should focus on financial flows between countries, not isolated country snapshots.
  • They should also highlight good practices, not just blame countries, for improved global understanding.
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