ABSTRACT
The key challenges facing both the private sector and public sectors. The challenges covered include those affecting the financial sector, the government and law enforcement community, as well as the judiciary. The relationship between the public sector and the private sector has long been recognised as being of paramount importance in countering the finances of terrorists and criminals alike. However, many challenges have existed and continue to exist in terms of adequate information sharing. Initial criticism came predominantly from the financial institutions. Owing to the effects of globalisation and the nature adversary finances, which tend to be international in nature in the context of international terrorism, an understanding of the challenges of the UK alone is inadequate. In terms of EU legislation, the first Money Laundering Directive of 1991 required the imposition of an obligation on financial institutions to establish customer's identity and report any suspicion of the money laundering.
