Financial Transparency Coalition

This is the current message that the EU’s current anti-money laundering rules send to those in a position to launder the proceeds of tax evasion. It is a crime to launder the proceeds of tax evasion if the tax evader you help, gets caught and goes to prison for more than a year, 11months and its fine. For those considering whether or not tax evasion is a serious crime, it is worth pointing out that a Christian Aid study found that even with a very conservative estimate the money lost by developing countries to tax evasion by multinational companies...

Last weekend the international body that sets global anti-money laundering rules, the Financial Action Task Force (FATF), announced its new 8 year mandate. This document sets the international framework for the fight to tackle financial crime.

Ministers from Financial Action Task Force (FATF) member countries will meet in Washington DC on 20 April to extend the FATF mandate for another 8 years, continuing to safeguard the integrity of the international financial system. The FATF Ministerial Meeting will take place in the margins of the 2012 IMF / World Bank Spring Meetings. It follows on the recent publication of the revised FATF 40 Recommendations, the international standard for combating money laundering and the financing of terrorism and weapons of mass destruction.

Global Witness's Robert Palmer writes about the importance of following illicit money, how difficult it can be to do so, and how the new FATF rules can make a difference.