Anti-Money Laundering / Combating the Financing of Terrorism

Kenneth L. Bryant

Anti-Money Laundering
Combating the Financing of Terrorism

SIGNIFICANT EVENTS IN THE
ANTI-MONEY-LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (AML/CFT) FIELD
(The vast majority of referenced documents can be found on the Research Page)

1986	United States enacts Money Laundering Control Act, Title 18 U.S. Code, Section 1956 (First Money Laundering Law in the World)
1988	Basel Committee on Banking Supervision – Prevention of criminal use of the banking system for the purpose of Money-Laundering United Nations - Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances ("Vienna Convention")
1989	Financial Action Task Force (FATF) - Established by G-7 in Paris
1990	Financial Action Task Force (FATF) - 40 Recommendations Caribbean Financial Action Task Force (CFATF) - Established Caribbean Financial Action Task Force (CFATF) - 19 Recommendations Council of Europe: Convention on Laundering, Search, Seizure and Confiscation of the Proceeds of Crime (ETS Nº 141) ("Strasbourg Convention")
1991	Financial Action Task Force (FATF) - Mutual Assessment Process Agreed European Union (EU) - Council Directive on prevention of the use of the financial system for the purpose of money laundering (91/308/EEC)
1992	Organization Of The American States / Inter-American Drug Abuse Control Commission (OAS/CICAD) -Model Regulations Concerning Laundering Offenses Connected to Illicit Drug Trafficking Caribbean Financial Action Task Force (CFATF) - Kingston Declaration on Money Laundering
1995	Egmont Group - Established Organization Of The American States / Inter-American Drug Abuse Control Commission (OAS/CICAD) - Summit of the Americas Ministerial Conference Concerning the Laundering of Proceeds and Instrumentalities of Crime - Ministerial Communiqué
1996	Financial Action Task Force (FATF) - 40 Recommendations (First Revision) Financial Action Task Force (FATF) - First Typology Report Issued
1997	Asia / Pacific Group on Money Laundering (APG) - Established Council of Europe (CoE) - Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures (PC-R-EV) - Established Basel Committee on Banking Supervision (BCBS) - Core Principles for Effective Banking Supervision Organization for Cooperation and Economic Development (OECD) - Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
1998	United Nations (UN) - Political Declaration and Action Plan against Money Laundering Adopted at the Twentieth Special Session of the United Nations General Assembly Organization Of The American States / Inter-American Drug Abuse Control Commission (OAS/CICAD) -Model Regulations Concerning Laundering Offenses Connected to Illicit Drug Trafficking and Other Serious Offenses (Amended) International Organization of Securities Commissions (IOSCO) - Resolution on the Adoption of the Objectives and Principles of Securities Regulation United Kingdom (UK) - Regulation of the Financial Services in the Crown Dependencies ("Edwards Report")
1999	United Nations - International Convention for the Suppression of the Financing of Terrorism United Nations (UN) Office on Drugs and Crime - Model Legislation on Laundering, Confiscation and International Co-operation in Relation to the Proceeds of Crime [for civil law jurisdictions] Organization for Cooperation and Economic Development (OECD) - Principles of Corporate Governance Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) - Established United Kingdom (UK) - Review of Financial Regulation in the Caribbean Overseas Territories and Bermuda ("KPMG Report")
2000	Financial Action Task Force (FATF) - Establishes Criteria for Non-Cooperative Countries and Territories (NCCT) List Financial Action Task Force (FATF) - First NCCT List Issued Financial Action Task Force of South America Against Money Laundering (GAFISUD) - Established United Nations (UN) Office on Drugs and Crime - Model Money Laundering and Proceeds of Crime Bill [for common law jurisdictions] United Nations (UN) - Convention Against Transnational Organised Crime ("Palermo Convention") International Association of Insurance Supervisors (IAIS) - Insurance Core Principles and Methodology Wolfsberg Group - Private Banking Principles (Original Release - "Wolfsberg Principles")
2001	United Nations (UN) - Security Council Resolution 1373 (2001) [S/RES/1373 (2001)] Basel Committee on Banking Supervision – Customer Due Diligence for Banks International Monetary Fund (IMF) - Public Information Notice (PIN) 01/41 - money laundering poses a threat to financial system integrity, and may undermine the sound functioning of financial systems, good governance, and the fight against corruption. Financial Action Task Force (FATF) - Special Recommendations on Terrorist Financing Financial Action Task Force (FATF) - Behind the Corporate Veil, November 2001 US Government - Guidance on the Proceeds of Foreign Corruption Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) - Enacted European Union (EU) - Directive (2001/97/EC) of the European Parliament and of the Council of 4 December 2001 amending Council Directive (91/308/EEC) on the prevention of the financial system for the purpose of money laundering
2002	Basel Committee on Banking Supervision - Sharing of Financial Records Between Jurisdictions in Connection With the Fight Against Terrorist Financing Council of Europe (CoE) - Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures - Changes name to (MONEYVAL) (formerly PC-R-EV) European Union (EU) - Final Declaration Against Money Laundering ("Paris Convention") Financial Action Task Force (FATF) - Guidance on Terrorist Financing Financial Action Task Force (FATF) - Guidance on Terrorist Financing, SR VIII: Combating the Abuse of Non-Profit Organisations - International Best Practices International Association of Insurance Supervisors (IAIS) - Anti-Money Laundering Guidance Notes for Insurance Supervisors and Insurance Entities International Organization of Securities Commissions (IOSCO) - Objectives and Principles of Securities Regulation (Second Revision) International Monetary Fund (IMF) - Report on the Outcome of the FATF Plenary Meeting and Proposal for the Endorsement of the Methodology for Assessing Compliance with Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Standard United Nations (UN) - Security Council Resolution 1390 (2002) [S/RES/1390 (2002)] Wolfsberg Group - Private Banking Principles (First Revision) Wolfsberg Group - Correspondent Banking Principles Wolfsberg Group - Statement on the Suppression of the Financing of Terrorism ("Wolfsberg Statement")
2003	Basel - General Guide to Account Opening and Customer Identification (Attachment to Customer Due Diligence Paper) Financial Action Task Force (FATF) - 40 Recommendations (Third Revision) Financial Action Task Force (FATF) - Guidance on Terrorist Financing, SR VI (Alternative Remittance) Interpretive Note Financial Action Task Force (FATF) - Guidance on Terrorist Financing, SR VII (Wire Transfers): Interpretive Note Financial Action Task Force (FATF) - Guidance on Terrorist Financing, SR VI: Combating the Abuse of Alternative Remittance Systems - International Best Practices International Association of Insurance Supervisors (IAIS) - Insurance Core Principles and Methodology (Second Revision) International Organization of Securities Commissions (IOSCO) - Objectives and Principles of Securities Regulation (Third Revision) United Nations (UN) - Convention Against Corruption United Nations (UN) - Convention Against Illicit Drugs Wolfsberg Group - Statement on Monitoring Screening and Searching
2004	International Association of Insurance Supervisors (IAIS) - Insurance Core Principles on Corporate Governance Organization for Cooperation and Economic Development (OECD) - Principles of Corporate Governance (Second Revision) Financial Action Task Force (FATF) - Guidance on Terrorist Financing, Special Recommendation IX: Cash Couriers Financial Action Task Force for the Middle East-North Africa (MENAFATF) - Established Financial Action Task Force Eurasian Group (EAG) - Established Egmont - Revised Statement of Purpose European Union (EU) - 3rd Directive of the European Parliament Proposed
2005	European Union (EU) - Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime and on the Financing on Terrorism (updates 1990 Convention) Federal Financial Institutions Examination Council (FFIEC) - Releases the Bank Secrecy Act/Anti-Money Laundering Exam Manual European Union (EU) - 3rd Directive of the European Parliament Adopted (to be implemented by 2007)
2006	Federal Financial Institutions Examination Council (FFIEC) - Releases first revision of the Bank Secrecy Act/Anti-Money Laundering Exam Manual