Useful International ML Resources
British Banker’s Association (2006) ‘Money Laundering & Terrorist Financing:
Reporting Officer’s Reference Guide,’ BBA Enterprises Ltd, available from
CTIF-CIF (Belgian Financial Intelligence Processing Unit) has drawn up a list of
money laundering indicators and typologies to assist reporting sector professionals.
This is available on: www.ctif-cfi.be.
Egmont Group of Financial Intelligence Units (FIUs) is the coordinating body for
the international group of financial intelligence units which aims to enhance
international cooperation in anti-money laundering and counter-terrorist financing.
Financial Action Task Force on Money Laundering (FATF) is an inter-
government body tasked with developing national and international policies to combat
money laundering and terrorist financing and has published a framework consisting of
‘Forty Recommendations on Money Laundering’ (www.fatf-gafi.org/pdf/40) and
eight Special Recommendations on Terrorist Financing (www.fatf-
gafi.org/pdf/SRecTF_en.pdf) in order to meet this requirement.
FATF-Style Regional Bodies (FSRBs) are important in the implementation of anti-
money laundering (AML) and combating the financing of terrorism (CFT) standards
in their regions, effectively functioning as regional FATFs to encourage
implementation of ‘The Forty Recommendations’ and the ‘Special
Recommendations’. They provide information to their members about trends and
techniques for money laundering in their annually up-dated Typology reports. FSRBs
recognised by the FATF are:
• Asia/Pacific Groups on Money Laundering (APG): www.apgml.org
• Caribbean Financial Action Task Force (CFATF) : www.cfatf.org
• Eastern and South Africa Anti-Money Laundering Group (ESAAMLG):
• Financial Action Task Force on Money Laundering in South America
• Middle East and North Africa Region (MENA) Financial Action Task Force
FinCen (Financial Crimes Enforcement Network, US Department of the
Treasury); www.fincen.gov produces SAR Activity Review-Trends Tips and Issues in
collaboration with the reporting sectors and regulators to provide a context for
suspicious activity reports (SARS).
Financial Services Agency (FSA) the UK’s financial watchdog, offers useful advice
on its ‘Scams and swindles’ page at:
Institute of Chartered Accountants in England and Wales (ICAEW) has a page
dedicated to money laundering information and useful further links at:
Institute of Chartered Accountants in Ireland (www.icai.ie/money-launder-
ni/index.cfm) publishes a useful web resource on AML covering Northern Ireland.
International Association of Insurers (IAIS) (www.iaisweb.org) publishes specific
cases and examples of money laundering involving insurance.
International Chamber of Commerce (ICC), Commercial Crime Services,
publishes ‘Preventing Financial Instrument Fraud: the Money Launderer’s Tool ’,
Merrett, J. & Renner, P. (2002), available from email@example.com.
International Federation of Accountants (IFAC) has published an informative
paper on AML aimed at raising awareness of threats facing accountants and their
obligations. This includes an appendix of indications of possible money laundering
Joint Money Laundering Steering Group (JMLSG) is made up of the leading UK
Trade Associations in the Financial Services Industry formed with the objective of
promulgating good practice in countering money laundering. It is contactable at
Netherlands Ministry of Finance report: ‘The Amounts and the Effects of Money
Laundering’, (2006). This reports research carried out by the Utrecht School of
Economics and the Australian National University that contains thorough analysis and
includes a section on typologies related to the Netherlands. Available from
Wolfsberg Group is an association of twelve global banks, which aims to develop
financial services industry standards and policies in relation to ‘Know Your
Customer,’ anti-money laundering and counter-terrorist financing. The group’s Anti-
Money Laundering Principles for Private Banking are relevant to customer
identification, such as establishing beneficial ownership for all accounts and cases
requiring extra due diligence in, for example, cases of unusual or suspicious
transactions (www.wolfsberg-principles.com/privat-banking.html). It posts 14
principles related to global correspondent banking relationships (www.wolfsberg-
principles.com/corresp-banking.html). It also publishes a set of principles setting out a
framework for developing a risk-based profiling approach (www.wolfsberg-
principles.com/monitoring.html) and guidance on assisting competent authorities in
countering terrorist financing (www.wolfsberg-principles.com/financing-