ABSTRACT
10.1 In October 1995, at the Fiftieth Anniversary of the United Nations, US President Bill Clinton outlined the initiatives of Presidential Decision Directive No. 42 aimed at combating transnational crime and money laundering. The President declared: “I directed our government to identify and put on notice nations that tolerate money laundering. Criminal enterprises are moving vast sums of ill-gotten gains through the international financial system with absolute impunity. We must not allow them to wash the blood off profits from the sale of drugs, from terror or organized crime.” President Clinton urged members of the United Nations to “join in negotiating and endorsing a declaration on international crime and citizen safety, a declaration which would first include a no-sanctuary pledge, so that we could say together to organized criminals, terrorists, drug traffickers and smugglers, you have nowhere to run and nowhere to hide”. 1 The Presidential Directive undoubtedly captured the need for urgency in developing and implementing meaningful initiatives to combat the international criminal and terrorist organisations and their resulting money-laundering activities. 2
