Global money laundering and terrorist financing (ML/TF) risks just keep on rising, according to the 2023 Public Edition of the Basel AML Index.
And that has real impact on people’s lives today – from well-funded terrorist attacks to trillions of dollars flowing out of countries through corruption and organised crime.
The Basel AML Index Expert Edition Plus subscription (free for practically all users outside the private sector) has introduced a new feature: an approach for predicting which jurisdictions are at risk of being placed on the Financial Action Task Force (FATF) “grey list” of "jurisdictions under increased monitoring".
The Basel AML Index – the Basel Institute’s global money laundering index and risk assessment tool – will see a small but important methodology update this year. The aim is to better reflect the progress of jurisdictions that have graduated from the so-called grey list of the Financial Action Task Force (FATF), the global standard setter for anti-money laundering and counter financing of terrorism (AML/CFT).
A new special short report for the Basel AML Index analyses why so many Sub-Saharan African countries are on the so-called grey list of the Financial Action Task Force (FATF).
A joint blog by Kateryna Boguslavska, Basel Institute on Governance and Maria Nizzero, Royal United Services Institute (RUSI).
Effectively tackling illicit finance and money laundering is crucial to the integrity not only of financial systems, but of democratic societies. And alongside fresh ideas and commitments on fighting financial crimes, we need faster progress on existing ones.
Progress in addressing money laundering and terrorist financing (ML/TF) risks remains paralysed in many countries, according to the latest release of the Basel AML Index.
The Basel AML Index is an independent ranking that assesses countries’ ML/TF risks and capacity to counter them. It draws on 18 indicators in five domains measuring different factors that contribute to high ML/TF risks.
Companies and financial institutions around the world use the Expert Edition of the Basel AML Index to help evaluate money laundering/terrorist financing risks at the country level.
Smaller companies tend to use the Basel AML Index as a standalone geographic risk evaluation solution, as the dashboard enables quick access to 17 key indicators of money laundering/terrorist financing risk for 203 jurisdictions. Others apply it as an independent benchmarking tool to validate in-house risk assessments.
The Basel AML Index – the Basel Institute’s global money laundering index and risk assessment tool – is adding environmental crime data to its set of indicators of money laundering and terrorist financing (ML/TF) risk. The data will come from the Global Organized Crime Index.
To explore what is holding back progress in combating money laundering and terrorist financing (ML/TF) around the world, the 2021 Basel AML Index report examined data on money laundering vulnerabilities beyond the financial sector. Banks and other financial institutions bear the brunt of anti-money laundering AML/CFT supervision and attention, but perhaps we're missing weaknesses elsewhere?
Our recently released Basel AML Index 2021 highlights how slow and ineffective implementation of beneficial ownership registries continues to provide safe havens for dirty money.
We argue that this is damaging for individual jurisdictions, but more importantly undermines all global efforts to combat money laundering and terrorist financing (ML/TF). Excerpt from the full report: