Anti-Money Laundering

http://www.fatf-gafi.org
http://www.fincen.gov/news_room/aml_history.html

Regulatory

Global

International: Overseen by the Financial Action Task Force (FATF). In the US: Financial Crimes Enforcement Center (FinCEN), a division of the Department of the Treasury

Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). Typically, it involves three steps: placement, layering and integration. First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous accounts. Finally, it is integrated into the financial system through additional transactions until the "dirty money" appears "clean." Money laundering can facilitate crimes such as drug trafficking and terrorism, and can adversely impact the global economy.

Anti-money laundering guidelines came into prominence globally as a result of the formation of the Financial Action Task Force (FATF) and the promulgation of an international framework of anti-money laundering standards] These standards began to have more relevance in 2000 and 2001 after FATF began a process to publicly identify countries that were deficient in their anti-money laundering laws and international cooperation, a process colloquially known as "name and shame".

Businesses and individuals in 36 signatory countries.

History of U.S. Anti-Money Laundering Laws Money laundering on Wikipedia