What international efforts exist to combat money laundering?
The United States is not alone in implementing and enforcing money laundering laws. Even traditional financial secrecy havens have enacted money-laundering legislation to make banks and other non-bank financial institutions responsible for knowing their customers. Since the adoption of the Basle Supervisors’ Committee Statement of Principles on Money Laundering in 1988, a number of international organizations and regional groups have adopted new rules and regulations. These include: United Nations, Financial Action Task Force (FATF), and European Community (EC). The FATF published its 1999-2000 Report on Money Laundering, which highlights nations that are havens for ill-gotten wealth. Regional groupings – the European Union, Council of Europe, Organization of American States, to name just a few – established anti-money laundering standards for their member countries. The Caribbean, Asia, Europe and southern Africa have created regional anti-money laundering task force-like organization
