Global Cooperation to End Money Laundering

1. Global Cooperation to End Money Laundering Throughout the globe, a variety of corrupt, illegal and predatory organizations, including terrorism, human trafficking and drug cartels, have utilized a variety of laundering methods to fund their operations and conduct their illegal activity. While the total amount of money laundered each year is impossible to calculate, the International Monetary Fund estimates that the figure is in the neighborhood of two to five percent of global GDP. Not only does money laundering perpetuate and harbor illegal activity, it threatens the integrity of the entire global financial system. With the proliferation of currencies, banks and international finance tracking money laundering activity can be extremely difficult. To combat this growing epidemic requires international financial standards as well as cooperation and sharing of information between financial institutions and global law enforcement. The first collaborative measure taken to confront money laundering and the financing of terrorism took place after the G-7 Summit, during which the members created the Financial Action Task Force (FATF). FATF has developed and continually updates standards and recommendations for the international community and its 36 country members. organizations, FATF has been joined by dozens of other international political, financial and law enforcement organizations including the United Nations, International Monetary Fund, European Central Bank, Interpol and the World Bank. Without this global cooperation, the strides made over the last few decades would not have been possible. It is vital that all organizations work together to share information, best practices and resources as illegal organizations become more sophisticated in deceiving governments and international organizations, particularly through the use of technology. Illegal organizations are diligent and persistent adversaries that are always looking for new ways and technologies to move money through digital means, new counterfeiting methods or new opportunities to exploit novel currencies like BitCoin. A truly international effort will make great strides in stopping money laundering and helping to put an end to human trafficking, proliferation of drugs and terrorism. Mission

2. Andrewprozes Tapping the power of information and technology can help combat criminal activity and lead to rule of law and better and easier decision-making around the world. Effective anti-money laundering and fraud detection programs, based on international cooperation and transparency of information, are crucial tools in the fight against terrorism, human trafficking and drug cartels and can help promote a strong civil society, economic stability and the rule of law. Throughout Andy’s life, and specifically over the past decade, he has helped build companies that are taking firm and innovative steps to improve the integrity of information and promote the rule of law around the globe. Anti-Money Laundering Money laundering facilitates a broad range of illegal activity throughout the world, including terrorism, human trafficking, fraud and illegal drugs, and threatens the integrity of the entire global financial system. To make illegal sources of money appear legitimate, offenders launder their funds through intermediaries so as not to raise the suspicion of banks and other financial institutions. The International Monetary Fund estimates that 2 to 5 percent of worldwide GDP is laundered each year. International organizations, corporations and governments are working to combat money laundering and bring those responsible to justice, but there is much more that can be done. The United Nations took some initial steps at the end of the 1980s to address the growing money laundering problem. Following the creation of the Financial Action Task Force (FATF) in 1989, regional groupings – the European Union, Council of Europe, Organization of American States and other organizations – developed anti-money laundering standards for their member countries. The Caribbean, Asia, Europe and southern Africa have created regional anti-money laundering task-force-like organizations, and similar groupings are planned for western Africa and Latin America in the coming years. Through several investments, Andy has dedicated significant time and resources to help expand anti-money laundering practices internationally. He is currently chairman of the board of ACAMS, the largest international membership organization dedicated to enhancing the knowledge, skills and expertise of anti-money laundering and financial-crime detection and prevention professionals. The continued broad acceptance and integration of anti-money laundering laws and procedures is one of the more effective ways to disrupt and eliminate international fraudulent activity. 4790 Holladay Blvd, Salt Lake City, UT 84117 (801) 424-9088 | http://ericnielson.com