Stamping out money laundering

In June 2003, the Financial Action Task Force on money laundering (FATF) revised its 40 recommendations into a comprehensive framework for combating money laundering and terrorist financing. The FATF went on to review its methodology for assessing compliance with anti-money laundering and combating the financing of terrorism standards. The Basel Committee on Banking Supervisions Cross-Border Banking Working Group has also been active, and in December 2003 wrote to all supervisors clarifying its view on a number of issues and concluding there were no practical differences in the relevan...