Money Laundering: The Art of Making Dirty Money Appear Clean
When it comes to money laundering schemes, criminals are willing to go the extra mile in their bid to make their unlawful practices appear legal.
Those of us familiar with such notorious money laundering cases, such as former president of the Philippines, Ferdinand Marcos; Franklin Jurado; the Bank of Credit and Commerce International and the Bank of New York, as well as Pablo Escobar, to name a few, would know that these criminals and banking institutions all had one thing in common making their dirty money appear clean.
Force (CFATF), the regional organisation that ensures that the Caribbean Basin upholds the anti-money laundering measures and counter financing terrorism measures established by the Financial Action Task Force (FATF), of which the CFATF is an associate member.
Once a country belongs to the CFATF as Barbados does, Nicholls-Hunte said it was required to abide by 49 recommendations against money laundering and terrorist financing.