Money Laundering and Terror Financing

Money laundering and terrorist financing occur throughout the world and represent great threats to the world’s stability and security.

In the past, money laundering was explicitly tied to the financial and banking sectors. However, the increasingly comprehensive regulation in these sectors has coerced the money launderers to become more sophisticated. Consequently, they started penetrating non-financial sectors such as tourism and hospitality, Non-Governmental Organisations, art markets, etc…

By exploiting the vulnerabilities within national anti-money laundering and countering terrorist financing (AML/CFT) frameworks, terrorists and serious organised crime groups weaken the soundness and reliability of financial systems. Increased volatility of international capital flows undermines citizens’ trust in financial institutions and negatively affects market integrity. These phenomena also have a dampening effect on foreign direct investment and the economy as a whole.

Visit the Financial Intelligence Centre (FIC) for directives and guidance notes.

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