September 11 2017
It is very comforting that global concern over Money Laundering and Terrorism Financing (ML/TF) reverberated the other day in Valencia, Spain, where the Managing Director of the International Monetary Fund (IMF), Christine Lagarde, used the occasion of the plenary meeting of the Financial Action Task Force (FATF) to appropriately situate ML/TF as global challenges in need of collaboration of all nations of the world.
She correctly underscored the capability of ML/TF to threaten, not only a country’s economic and financial stability, but also its ability to deliver sustainable and inclusive growth. In addition to these, ML/TF brings about degeneration in values and practices as well as distortions of economic and financial systems. The deadly combination of money laundering and terrorism financing also leads to rising cases of violent crimes, economic inequality and concentration of wealth in a few hands in the face of untold mass poverty. So it is a scourge that must be fought by all the nations of the world.