#QuickBiteCompliance Day 118
Fighting Financial Crime: How the FATF Protects the World
Imagine a world where criminals can secretly move money to do bad things—like stealing from people, selling illegal stuff, or even funding dangerous groups. Scary, right? That’s why we have the Financial Action Task Force (FATF)!
FATF is like a global rulebook for stopping money laundering and terrorist financing. It helps countries make strong laws so bad guys can’t easily hide their dirty money. But here’s the tricky part: FATF’s rules are not actual laws—countries have to decide how to follow them.
How Criminals Try to Beat the System
Even with FATF’s efforts, some criminals find sneaky ways to move money, like:
🔸 Shell Companies – Fake businesses with no real purpose except to hide money.
🔸 Smurfing – Breaking big amounts of dirty money into smaller parts to avoid getting caught.
🔸 Crypto Tricks – Using digital currencies to move money across borders quickly and secretly.
Why This Matters
Without strong global rules, criminals can move money easily, hurting economies and people’s lives. That’s why FATF’s work is so important—it helps make the financial world safer for everyone.
Let’s keep fighting financial crime together!
🔗 Source: AML Glossary of Terms
#AML #FinancialCrime #FATF #MoneyLaundering #CounterTerrorism #InclusiveRegtech #OpenSourceAML #100HariNulis
