Money laundering takes a toll on society by eroding trust in the integrity of financial systems and curbing cross-border crime demands a united global effort and innovative approaches, IMF economists write in a blog.
IMF staff partnered with eight Nordic and Baltic countries in a first-of-its-kind anti-money laundering technical assistance project, They conclude that combatting money laundering is beyond the capacity of any single nation—and that countries must innovate together to find a solution.
“The bottom line is that continued analysis of financial integrity’s impact on stability can fortify the global financial system against money laundering shocks,” they say.
The regional report analyses selected aspects of the Nordic-Baltic region’s AML/CFT regimes. It focuses on key money-laundering threats resulting from a novel financial flows analysis (based on cross-border payments data), vulnerabilities related to AML/CFT supervision of the banking sector and crypto asset service providers and the potential impact of financial integrity failures on financial stability.
It also provides recommendations to strengthen the effectiveness of the AML/CFT frameworks in relation to those three areas while distinguishing what falls within the AML/CFT international standards and what is considered good practices.
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