The Morning Risk Report: Criminals Exploit G-20 Anti-Money Laundering Weaknesses


Transparency International says the G-20 countries aren’t moving fast enough to crack down on money laundering with tougher disclosure requirements regarding beneficial ownership of assets. Above, G-20 finance ministers and central bank governors who attended meetings of the International Monetary Fund and World Bank on Friday. 

Good morning. Criminals, human traffickers and sanctions evaders exploit loopholes in anti-money laundering regimes in the world’s top economies, according to two recent studies.

The main loophole concerns the ultimate, or “beneficial,” owners of companies. Criminals can hide, move and enjoy the proceeds of their crimes simply by incorporating in countries such as the U.S. that don’t require them to reveal the source of their funds. The U.S. is set to improve its stance, with rules coming into effect next month that make it harder for companies to hide their owners.

The issue rose in prominence following the 2016

... read more at: https://blogs.wsj.com/riskandcompliance/2018/04/23/the-morning-risk-report-criminals-exploit-g-20-anti-money-laundering-weaknesses-newsletter-draft/

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