1MDB looms large in Asian banks’ war on money laundering

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— Anti-Corruption News Story Curated by Anti-Corruption Digest International Risk & Compliance News

It would be difficult to write about money laundering controls in Asia without mentioning 1MDB, a Malaysian sovereign wealth fund embroiled in an ongoing international money laundering scandal. Yet, when Risk.net contacted six of the banks penalised for the wrong-doing to talk about lessons learned, our enquiries were greeted with either radio silence or a flat ‘no’.

One reason for this reticence could be a reluctance to show their hand to money launderers. But another is likely to be a fear of publicising anti-money laundering (AML) breaches – a sometimes bigger worry than the risk of regulatory fines.
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2017 Basel Anti-Money-Laundering Index

Basel Institute of Governance – International Center for Asset Recovery

World ranking of Anti-Money-Laundering in ASEAN countries and China (The smaller is the index, the higher is the Money Laundering risk):

Laos – 5
Cambodia – 9
Myanmar – 13
Vietnam – 18
Thailand – 44
China – 51
Indonesia – 61
Philippines – 65
Malaysia – 70
Hong Kong (China) – 89
Singapore – 117
Taiwan (China) – 136


2017 Basel AML Index

The Basel AML Index is an annual ranking assessing country risk regarding money laundering/terrorism financing. It focuses on anti-money laundering and counter terrorist financing (AML/CTF) frameworks and other related factors such as financial/public transparency and judicial strength.

This is the sixth edition of the Basel Anti-Money Laundering (AML) Index developed by the Basel Institute on Governance. The Basel Institute published the Basel AML Index for the first time in 2012 and has since then been the only non-profit organisation to create a research-based ranking focusing on the risk of money laundering and terrorist financing. The Basel AML Index provides the following key features: Tiếp tục đọc “2017 Basel Anti-Money-Laundering Index”