Introduction to AML

The aim of this introduction is to provide a preface to the topic of anti-money laundering and counter terrorist financing, the organisations involved. It also indicates how the legislation designed to combat money laundering and the financing of terrorism impacts on legal professionals.

To navigate through this introduction, please click on each of the relevant sections of the following table of contents.

For additional information, comments, and support, please contact the Legal Projects Team using the Contact Us section on this website.


- CONTENTS -

1. MONEY LAUNDERING

1.1. What is Money Laundering?
1.2. The History of Money Laundering
1.3. The Money Laundering Procedure.

2. THE FINANCING OF TERRORISM

3. FINANCIAL ACTION TASK FORCE (FATF)

3.1. What is the FATF?
3.2. FATF Money Laundering Recommendations.
3.3. FATF Terrorist Financing Special Recommendations.
3.4. FATF Members and Observers.
3.4.1 FATF Blacklist.
3.5. FATF Sub-organisations.
3.6. The Egmont Group of Financial Intelligence Units.

4. EUROPE

4.1 History of the European Union's Anti-Money Laundering and Financing of Terrorism Directives.
4.1.1 First Directive.
4.1.2 Second Directive.
4.2. Current European Union Anti-Money Laundering and Financing of Terrorism Directive.
4.2.1 Third Directive.
4.3 Consequences of Non-Implementation.

5. LAWYERS AND MONEY LAUNDERING

5.1 FATF Recommendations on Lawyers.
5.2 Adoption of FATF Recommendations .v. Legal Professional Privilege.
5.3 FATF Guidance – the Risk-Based Approach.

6. SOURCES AND ACKNOWLEDGMENT