Money Laundering
Money laundering involves the process of actively hiding the origin of money obtained through illegal activities.
This can be done by disguising where the money has come from, moving the funds to different places or using legitimate businesses as a cover.
Through the act of money laundering, the proceeds of crime are “cleaned up” so that the origin is difficult to trace.
The G-7 Summit established the Financial Action Task Force (FATF) on money laundering in 1989 to provide a unified response to tackle the problem.
FATF provides recommendations to governments on the steps that should be implemented to develop programmes to combat money laundering. You can visit the FATF website here
Subsequent to the formation of FATF, a number of multi-lateral initiatives have also been established by regional bodies. Examples include the European Union, and the Organisation of American States.
(Source: Financial Action Task Force).
MarkerCheckPoint® can assist you with your anti-money laundering compliance requirements by examining specific transactions, individuals and targets and providing analysis on the source of the funds and information on how to avoid being susceptible to such activity.
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