ABSTRACT
The European Union (EU) has issued several Directives on the Prevention of the Use of the Financial System for the Purpose of Money Laundering. The integrated approach recognised the revised Financial Action Task Force Forty Recommendations and the Nine Special Recommendations as the international standards for combating money laundering and terrorist financing. The Commonwealth Secretariat undertakes various activities in combating money laundering and terrorist financing throughout the Commonwealth. Countries that are unwilling to introduce and adopt international standards are finding their economic development being adversely affected as they suffer from a lack of international acceptance and co-operation. It is necessary to fully understand international historical efforts if we are to be able to fully interpret the current laws and regulations in force. In recognition of the vulnerability of the financial sector to misuse by criminals, the Basel Committee on Banking Regulations and Supervisory Practices issued a Statement of Principles in December 1988.
