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Global Money Laundering & Terrorist Financing Threat Assessment, July 2010

Published July 2010

The Financial Action Task Force (FATF) is an "inter-governmental body whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing."

Regarding this July 2010 report, the FATF stated, "The Global Money Laundering and Terrorist Financing Threat Assessment (GTA) report provides an assessment of the global systemic ML/TF threats. The document is aimed at raising the level of understanding of these threats and their negative impact, and help governments to take decisive action to minimise the harms they can cause.

The report is based on the in-depth typologies studies and the FATF's Strategic Surveillance Initiative.  This initiative was established in 2008, with the following objectives:

  • detect and share information on the types of criminal or terrorist activities that pose an emerging threat to the financial system.

  • develop a more strategic and longer-term view of these threats.

    This initiative involves the use of a detailed questionnaire which both FATF and FSRB members respond to on a yearly basis.

What the GTA is, what the GTA is not:

  • the GTA does not examine all ML/TF techniques, but offers a simplified approach by recognising that most of the ML and TF activities utilise at least one of the five features analysed.

  • the GTA provides explanations on why criminals and terrorist financers conduct their activities utilising these features and consider what factors allow for successful ML and TF.

  • the GTA analyses the impact and effect of successful ML and TF on the international financial system and on individuals, non-financial business, local communities and national and international interests.

  • the GTA does not quantify the ML/TF threats; but recognises the components of ML/TF, the harms caused and the need for global action.

This report was prepared by a team of experts from across the globe.  They provided important content, peer review and validation throughout the project with the aim of producing this assessment.  The project team comprised members from law enforcement and other agencies responsible for identifying and combating ML/TF from 10 jurisdictions and 8 international organisations."