While governments around the world had been urging for a concerted response to money laundering since the early 1990's it was not until the terrorist attacks on 11 September 2001 that the rhetoric was matched with concerted effort and significant resources. While the links between terrorist financing and money laundering may be tenuous, the global demands to take action against money laundering is now placing real pressure on public and private sectors across Asia. Yet in many parts of Asia and the Pacific there is soft touch regulation at best and compliance failure at worst. The presentation will look at issues such as USA PATRIOT Act and its implications for financial institutions, the New FATF Forty Recommendations and what these mean and vulnerabilities to Money Laundering.
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