Additional Reference Materials

Suggested by the Joint Library

International Monetary Fund. 2018 "IMF and the Fight Against Money Laundering and the Financing of Terrorism."


"There is no doubt that money laundering and terrorist financing can threaten a country’s economic stability, which is why the IMF has become increasingly active in supporting and promoting the AML/CFT efforts of our member countries, based on the [Financial Action Task Force] standard. What started as a small endeavor some 20 years ago has become part of our core work—from analysis and policy advice, to assessing the health and integrity of financial sectors, to providing financial assistance when needed, to helping countries build institutions and increase operational effectiveness." - Christine Lagarde, Managing Director of the IMF

International Monetary Fund. 2018 "Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT)."


“Effective anti-money laundering and combating the financing of terrorism regimes are essential to protect the integrity of markets and of the global financial framework as they help mitigate the factors that facilitate financial abuse.” - Min Zhu, Deputy Managing Director of the IMF

European Investment Bank. 2018. "Anti-Money Laundering and Combating Financing of Terrorism Framework."  European Investment Bank, Kirchberg, Luxembourg.

Author abstract

A comprehensive EIB Group AML-CFT Framework, which should be read in conjunction with other relevant EIB Group Codes of Conducts, policies and guidelines was approved on 15 July 2014 and revised on 17 January 2018. It contains the key anti-money laundering and combatting financing of terrorism (“AML-CFT”) principles applicable to EIB Group activities and is in line with the principles of relevant EU legislation as amended and supplemented from time to time (Directive 2015/849 of 20 May 2015) on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, best banking practices and applicable market standards. The EIB Group AML-CFT Framework aims at preventing the EIB Group, its governing bodies, staff and counterparties from being associated or used for money laundering, financing of terrorism or other criminal activities.

International Monetary Fund. 2017. "Challenges in Correspondent Banking in the Small States of the Pacific."  Alwazir, Jihad, Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan, and Patrizia Tumbarello. Working Paper No. 17/90, International Monetary Fund, Washington, DC.

Author abstract

Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

International Monetary Fund. 2016. "Islamic Finance and Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)."  Kyriakos-Saad, Nadim, Manuel Vasquez, Chady El Khoury, and Arz El Murr. Working Paper No. 16/42, International Monetary Fund, Washington, DC.

Author abstract

The money laundering (ML) and terrorist financing (TF) risks associated with conventional finance are generally well identified and understood by the relevant national authorities. There is, however, no common understanding of ML/TF risks associated with Islamic finance. Some are likely to be the same as in conventional finance, but there may also be different risks. This is notably due to: (i) the complexity of some Islamic finance products; and (ii) the nature of the relationship between the institutions and their clients. The limited capacity and experience in the supervision of Islamic finance, especially in jurisdictions that face higher ML/TF risk factors represents an additional vulnerability. The Financial Action Task Force (FATF) standards are implemented without any form of tailoring to the specificities of Islamic finance. The FATF, the Islamic finance standard-setters, and the national regulators should seek a greater understanding of the specific ML/TF risks that may arise in Islamic finance and develop an appropriate response.

Scientific Research. 2014. "Literature Review of International Anti-Money Laundering Research: A Scientometrical Perspective."  Dexiang Me, Yanyan Ye, Zengan Gao, Scientific Research Vol.2 No.12, December 2014

Author abstract

Based on the information visualization technology and the Web of Science database, which includes English research articles on anti-money laundering and counter-terrorism financing from 1993 to 2013, this paper explores the law and development status and research focus of international anti-money laundering research by analyzing national distribution, authors’ distribution, organization distribution, cited journals, keywords, and situation to be cited by literatures (1993- 2013) on money laundering with CiteSpace II application.