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Fraud and Fraud Detection: A Data Analytics Approach, + Website by Sunder Gee

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CHAPTER 15 Money Laundering

MONEY LAUNDERING IS A FINANCIAL TRANSACTION SCHEME to conceal or attempt to conceal the identity of proceeds illegally obtained so that the proceeds appear to come from legitimate sources.

Money laundering is a global problem that is being tackled by governments. There are many government organizations, or those sponsored by governments, involved in various roles to combat money laundering. Some of these anti-money laundering (AML) organizations collect financial information for detection purposes while others foster cooperation and implementation of standards among member countries. These organizations provide a wealth of informational resources.

  • The Financial Action Task Force (FATF) (www.fatf-gafi.org/pages/aboutus/whoweare) is an intergovernmental policy-making body that sets standards to combat money laundering and terrorist financing.
  • The Organisation for Economic Co-operation and Development (OECD) (www.oecd.org/about) membership consists of 34 countries that work together to promote policies for better economic and social well-being. Policies include those relating to AML.
  • The Egmont Group of Financial Intelligence Units (www.egmontgroup.org/about) provides a forum for members around the world to combat money laundering and terrorist financing.
  • The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) (www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng.asp) receive financial transaction reports and analyze the data to detect ...

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