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The Fiducia team's latest views on AML/CFT in New Zealand

Latest News, news/ 2017-09-22T11:06:59+00:00 September 11th, 2017|

“Global anti-money laundering efforts just a decimal point away from failure”.

In a huge blow for global anti-money laundering efforts, a sobering report was issued recently by the Financial Accountability and Corporate Transparency Coalition (FACT) Coalition. 

It’s August 2017 Countering International Money Laundering paper reports that US police and prosecutors are currently only intercepting less than one-half of one percent of the trillions of dollars laundered each year, and quotes a financial crime expert as saying “total failure is just a decimal point away.”

Given the cost of AML/CFT compliance to private businesses and the resulting friction on financial sector customers, regulators must justify this alleged failure of their own requirements.

FACT is an alliance of national, and international organizations advocating for fairer tax systems and promoting policies to combat the harmful impacts of corrupt financial practices.

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