Money Laundering: The State of Play (From Money Laundering in the 21st Century: Risks and Countermeasures: Seminar Held in Canberra, Australia, February 7, 1996, P 12-21, 1996, Adam Graycar and Peter Grabosky, eds. - See NCJ-169192)

• NCJ Number: 169194
• Author(s): G Pinner
• Date Published: 1996
• Length: 10 pages
• Sale Source: Australian Institute of Criminology
• Publication Type: Report (Technical Assistance)
• Language: English
• Country: Australia

Annotation

This paper discusses international cooperation in efforts to address money laundering, new approaches to the investigations of this crime, and major issues related to money laundering.

Abstract

The 26 countries that are members of the Financial Action Task Force (FATF) have largely implemented the task force's 40 recommendations. The FATF and individual countries have urged other countries to strengthen efforts against money laundering as well. Much has been accomplished in the Asia/Pacific region, but much makes to be done. The lack of money laundering controls in the region poses considerable problems to Australia. However, recent investigations undertaken by National Crime Authority task forces have demonstrated new approaches. These include the establishment of the money trail through fringe financial dealers, controlled deliveries of drugs, and sting operations. These and other methods require extensive resources, however. Current major issues include the increasing sophistication of money laundering methods and the impacts of the globalization of both financial markets and crime. International cooperation among law enforcement agencies is central to addressing the problem, and much progress has occurred in this area. 8 references