ABSTRACT
Money laundering (ML) and terrorism financing (TF) are predicate crimes that seriously affect the social, political, and economic stability of a country and have become a priority in the international agenda. Over the past 20 years, as a legacy of the regulatory tsunami that characterised the aftermath of 9/11, anti-money laundering (AML) strategies have even more expanded, broadening the meaning of the crime itself to include practically every activity that results from financial crime. This chapter aims at analysing the efforts of FIs in the fight against the laundering of the proceeds of criminal activities and the financing of terrorism. It introduces a brief conceptualisation of money laundering and terrorism financing. The chapter presents different international AML/CTF regulatory requirements that have been developed since 9/11, focusing on different measures and recommendations, and the role of financial institutions. It explores the challenges of financial actors when it comes to compliance with international regulators.
