| ID | 181354 |
| Title Proper | Osce in the context of international efforts to combat terrorist financing |
| Language | ENG |
| Author | Lyzhenkov, A |
| Summary / Abstract (Note) | A DISCUSSION about the effectiveness of the global system for antimoney laundering and combating the financing of terrorism (AML/CFT) is unfolding in the Western media and expert community. In 2020, according to some estimates, global banks paid out about $10.4 billion in fines for AML violations, an increase of more than 80% (!) from 2019. A case in point is Capital One, an American bank that was fined almost $400 million in January 2021 for failing to report thousands of fishy transactions. Danske Bank is still trying to deal with the fallout from a scandal that erupted in 2018, when it was reported that the bank had laundered more than $200 billion through its Estonian branch. John Cusack, an ex-chair of the Wolfsberg Group, an association of banks that helps develop AML standards, estimates the amount of financial crime perpetrated in 2018 at $5.8 trillion, equivalent to about 6.7% of global GDP for that year. |
| `In' analytical Note | International Affairs (Moscow) Vol. 67, No.4; 2021: p.47-54 |
| Journal Source | International Affairs (Moscow) Vol: 67 No 4 |