IMF Findings

Center on Law and Globalization Releases Report Asking Hard Questions about the Global Fight Against Money Laundering and the Financing of Terrorism

The Center on Law and Globalization has released a report which questions the effectiveness of the global fight against worldwide money laundering and the financing of terrorism. The assessment is timely, given that major international banks in the UK, US, and Europe have admitted to massive violations of money laundering controls over long periods in the last few years. The international regulation and surveillance of dirty money is at a crossroads, states the report. Based on an intensive study of the Financial Action Task Force (FATF) and assessments by the International Monetary Fund (IMF), the report concludes that assessing national compliance with global standards has been problematic. A new assessment methodology adopted in 2013 promises better prospects of achieving effectiveness in the future, although difficult challenges remain. 

The report answers concerns raised by critics of the FATF and IMF to the following questions:

    • What are the goals of global surveillance?
    • What do assessments of anti-money laundering standards tell us?
    • What works?
    • Can global standards work everywhere?
    • What are the costs and benefits?

Co-authors, Professors Terence Halliday, Michael Levi, and Peter Reuter believe the report can strengthen systems for fighting money laundering and the financing of terrorism, while helping policy-makers recognize the potential costs and harms of financial surveillance and enforcement. 

To read the report, please click here: Report
The press release is available here: Press release

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