CONTINENTS WE
COVER

EUROPE

Luxembourg

AML in Luxembourg Overview Luxembourg boasts a robust legal infrastructure designed to combat money laundering and the financing of terrorism. Enterprises are obligated to adhere to the regulations established within…

Netherlands

AML in Netherlands Overview In order to shield itself from financial vulnerabilities, the Netherlands has established a robust framework of Anti-Money Laundering regulations. All relevant entities, with a special emphasis…

Iceland

AML in Iceland Overview The government has underscored its stance against financial crimes through the issuance of decisions pertaining to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and…

Lithuania

AML in Lithuania Overview In 2016, Lithuania was the subject of a money laundering report produced by the US Department of State’s International Narcotics Control Strategy Report (INCSR). According to…

Austria

AML in Austria Overview In Austria, the act of money laundering encompasses the act of concealing illicitly obtained earnings arising from specific criminal undertakings, such as fraud, contraband, and human…

Belarus

AML in Belarus Overview Due to its ongoing struggles with organized crime, Belarus remains susceptible to money laundering activities. In response to this challenge, Belarus introduced the Law on Measures…

Belgium

AML in Belgium Overview Belgium, one of the wealthiest nations in Europe, possesses a robust financial ecosystem that accommodates institutions and service providers from across the European Union and beyond.…

Bulgaria

AML in Bulgaria Overview Bulgarian criminals commonly exploit sectors such as retail, gaming, tourism, construction, and energy for money laundering purposes. Frequently targeted businesses include casinos, hotels, nightclubs, car dealerships,…

Croatia

AML in Croatia Overview In Croatia, the banking and financial sectors have experienced substantial growth in recent times. With the evolution of the financial industry, the potential for financial crime…

Cyprus

AML in Cyprus Overview As a member of the European Union, Cyprus is obligated to adhere to the directives on anti-money laundering (AML). In order to comply with the EU’s…

Denmark

AML in Denmark Overview Denmark does not exhibit significant instances of financial crimes, thereby mitigating the prevalence of money laundering risks within the country. Furthermore, trade-based money laundering practices are…

Estonia

AML in Estonia Overview The oversight of anti-money laundering efforts in Estonia falls under the purview of the Estonian Ministry of Finance, responsible for shaping overarching policies and strategies in…

Finland

AML in Finland Overview The Act on Preventing Money Laundering and Terrorist Financing in Finland distinctly establishes money laundering and terrorist financing as criminal offenses. This legislation outlines the specific…

France

AML in France Overview France faces challenges related to money laundering and various financial crimes. Money laundering gives rise to economic and administrative risks that countries are striving to counteract…

Georgia

AML in Georgia Overview Georgia’s significance in the global effort to combat money laundering and terrorist financing cannot be overstated. Through its agreements with the European Union and Moneyval, Georgia…

Germany

AML in Germany Overview Germany is one of the most effective and systematic countries to fight against money laundering and terrorist financing. Financial crimes such as money laundering, terrorist financing, corruption, and…

Greece

AML in Greece History of AML in Greece Greece started fighting financial crimes in the 1990s with anti-money laundering laws. AML laws in Greece have been developed and updated from…

Hungary

AML in Hungary Overview Hungary’s cash-based economy reached a GDP of approximately EUR 110.1 billion in 2015. Despite not being a financial hub, the nation boasts a flourishing financial services…

Ireland

AML in Ireland Overview Global financial crimes, particularly money laundering and terrorist financing, present a significant and widespread challenge. The vulnerabilities within financial systems are progressively augmenting the risks associated…

Italy

AML in Italy AML Country Guide Acts like money laundering and terrorist financing wield significant economic and political ramifications. The process of cleansing illicit gains from crime not only thwarts…

Latvia

AML in Latvia AML Country Guide Latvia, situated in Northern Europe, is home to a population of 1.9 million. It became a member of both NATO and the EU in…

Malta

AML in Malta AML Regulators In the effort to combat financial crimes, Malta has implemented the “Prevention of Money Laundering Act (PMLA).” This legislation led to the establishment of the…

Norway

AML in Norway Overview Norway stands as one of the globe’s least corrupt nations, conducting business with a high degree of transparency. Corruption scarcely poses an impediment to trade or…

Portugal

AML in Portugal Overview Situated within Europe, Portugal is actively engaged in the endeavor to counteract money laundering. The nation’s geographical positioning exposes it to certain risks, prompting Portugal to…

Russia

AML in Russia Overview In Russia, entities falling within the categories of banks, money transfer businesses, leasing firms, investment and securities enterprises, as well as insurance companies, are regulated entities…

Slovakia

AML in Slovakia Overview Similar to various regions across the globe, Slovakia experiences instances of money laundering activities. These illicit undertakings detrimentally impact the country’s economy, prompting the establishment of…

Slovenia

AML in Slovenia Overview Money laundering and the financing of terrorism are defined as distinct criminal offenses within the Slovenian Criminal Code. The prescribed penalties for these acts, as stipulated…

Spain

AML in Spain AML Laws In 1988, Spain incorporated money laundering as a criminal offense within its penal code, primarily targeting the prevention of money laundering stemming from the drug…

Sweden

AML in Sweden AML Country Guide Sweden is frequently viewed as a nation with low crime rates. Nevertheless, it grapples with its role as a regional financial hub and the…

Switzerland

AML in Switzerland Overview Switzerland stands as a more serene, affluent, and stable modern market economy in comparison to its Western European counterparts. It boasts low unemployment rates, a highly…

Ukraine

AML in Ukraine Overview With the growth of financial services in Ukraine, financial crime threats have become more and more important for Ukraine. Money laundering, corruption, and other financial crimes…

Poland

AML in Poland Overview Based on data released by the Polish Government, primary sources of illicit funds in Poland encompass activities like organized crime and the evasion of customs taxes.…

Romania

AML in ROMANIA Anti-Money Laundering Regulations In Romania, regulatory bodies such as the Romanian Parliament, the National Office for Prevention and Control of Money Laundering (NOPCML), the Romanian National Bank,…

Argentina

AML in Argentina Overview Argentina faces numerous challenges similar to its neighboring countries, including the need to combat illicit money flows from drug trafficking and public corruption. Corruption remains a…

Barbados

AML in Barbados Overview Money laundering poses a significant challenge in Barbados, given its role as a transit point for illegal substances. To combat this issue and discourage the spread…

Brazil

AML in Brazil Overview Brazil, the largest and most populous country in South America, grapples with a significant issue of money laundering. For years, money laundering, along with fraud, corruption,…

Canada

AML in Canada Overview In Canada, there are two key laws aimed at preventing money laundering and terrorist financing, namely the Criminal Code and the Proceeds of Crime (Money Laundering)…

Colombia

AML in Colombia Overview Money laundering poses a dangerous threat to countries, as it serves as a means to hide illicit gains obtained from serious crimes like drug trafficking, human…

Dominican Republic

AML in Dominican Republic Overview The Dominican Republic has demonstrated its commitment to international cooperation in combating illicit activities within its borders by adopting several international treaties and conventions. Among…

Guatemala

AML in Guatemala Overview Guatemala has emerged as a favored destination for money laundering due to two key factors: its historically lenient regulatory system, which facilitates tax evasion, and its…

Mexico

AML in Mexico Overview Mexico is recognized as a region with significant risks associated with money laundering and other criminal activities. In response, the Mexican government has acknowledged the presence…

Uruguay

AML IN URUGUAY Overview Uruguay has held a longstanding reputation as a regional financial hub, attracting substantial cash flows and investments from neighboring countries and beyond. Its offering of…

United States of America

AML in Poland Overview The United States has been at the forefront of the global fight against money laundering, being one of the first countries to address this issue. Money…

Bangladesh

AML in Bangladesh The Economy Despite Bangladesh’s efforts to address money laundering, it continues to be a significant issue in the country. Following the declaration of a state of emergency…

Azerbaijan

AML in Azerbaijan Overview Addressing money laundering is a significant concern both locally and internationally. Azerbaijan, like many other countries, faces challenges related to money laundering activities and is taking…

Cambodia

AML in Cambodia Overview Cambodia has a significant underground market for smuggled goods, particularly drugs and substances used in local methamphetamine production. These transactions, both legal and illegal, commonly occur…

China

AML in China Overview Money laundering poses a significant challenge in China, particularly as technological advancements give rise to new forms of illicit activities, such as transaction laundering replacing traditional…

Hong Kong

AML in Hong Kong Overview Since the 1970s, Hong Kong has emerged as a significant source of financial and other services, contributing to the rapid and sustainable economic growth witnessed…

India

AML in India Overview India is recognized as a high-risk region for money laundering, necessitating the Indian government’s adoption of effective Anti-Money Laundering (AML) measures in conjunction with its growing…

Indonesia

AML in Indonesia History of AML in Indonesia With a GDP exceeding 1 billion United States Dollars, Indonesia boasts the largest economy in Southeast Asia, positioning it as a significant…

Iran

AML in Iran Overview Money laundering involves the concealment of illicit proceeds derived from criminal activities, making it difficult to trace and detect the underlying crimes. Criminals perpetuate further harm…

Iraq

AML in Iraq Key Requirements of Iraq’s Anti-Money Laundering Regulations Iraq has implemented a range of legislation and regulations to combat money laundering (ML) and counter-terrorism financing (CTF). These measures…

Israel

AML in Israel IMPA Israel was among the 15 nations initially classified as “non-cooperative” in the global fight against money laundering when the OECD Financial Action Task Force (FATF) established…

Japan

AML in Japan AML Laws and Regulations Japan has implemented effective measures to combat financial crime over the years. However, despite these efforts, the country still faces risks associated with…

Malaysia

AML in Malaysia AML Regulators Malaysia, an upper-middle-income economy, faces numerous money laundering threats. Factors such as porous land and sea borders, strategic geographic location, and a well-developed financial system…

North Korea

AML in North Korea North Korea’s FATF Status The Financial Action Task Force (FATF) expresses concerns about the Democratic People’s Republic of Korea (DPRK) due to its failure to address…

Pakistan

AML in Pakistan Overview Pakistan continues to face ongoing challenges with money laundering. Moreover, the country grapples with various financial crimes, including drug and human trafficking, corruption, and the financing…

Saudi Arabia

AML in Saudi Arabia What are the AML Regulations in Saudi Arabia? Saudi Arabia holds significant importance in terms of economic diversification, aiming to foster growth in the private sector…

Singapore

AML in Singapore Overview Singapore stands as a prominent player in the global fight against money laundering, terrorist financing, and other financial crimes. As a crucial international business hub, Singapore…

South Korea

AML in South Korea Overview South Korea, also known as the Republic of Korea, boasts a thriving economy driven by prominent corporations. It has taken numerous measures to establish itself…

Philippines

AML in Philippines Overview Money laundering poses a significant challenge in the Philippines, with the illegal drug trade expanding into a billion-dollar industry in recent years. There has been a…

Turkey

AML in Turkey AML Regulations In 1996, Turkey initiated legal measures to address the issue of money laundering. The enactment of “Law No. 4208 for the Prevention of Money Laundering”…

United Arab Emirates (UAE)

AML in United Arab Emirates (UAE) Money Laundering Risks in Dubai Dubai, one of the seven emirates in the United Arab Emirates, serves as a prominent business hub in the…

Vietnam

AML IN VIETNAM Overview Vietnam’s increased integration into regional and global economies has indeed created opportunities for international money laundering offenses. Various channels, such as bank accounts, securities trading, gambling,…

Afghanistan

AML IN AFGHANISTAN Overview Afghanistan faces persistent threats to its security and development due to money laundering, terrorist financing, mass cash smuggling, and fraud. Terrorist organizations operating in Afghanistan engage…

Nigeria

AML in Nigeria Overview Despite Nigeria’s efforts to strengthen its Anti-Money Laundering (AML) Framework, money laundering continues to be a significant challenge within the country. Nigerian criminals gained notoriety for…

Egypt

AML in Egypt Overview Egypt is one of the nations grappling with the challenges of money laundering and the financing of terrorism. Since the late 1980s, money laundering has emerged…

Morocco

AML in Morocco About the Country Morocco, situated in the Maghreb region of North Africa, shares borders with West Sahara, Algeria, the Atlantic Ocean, and the Mediterranean Sea. The capital…

South Africa

AML in South Africa History of AML in South Africa Money laundering involves disguising proceeds from criminal activities as legitimate earnings. It presents significant risks to both the national and…

Australia

AML in Australia Overview Australia, recognized as one of the largest and most advanced economies worldwide, hosts a vast array of financial institutions. These institutions must familiarize themselves with the…

New Zealand

AML in New Zealand Overview New Zealand, not being a significant regional financial hub, experiences a relatively low occurrence of money laundering. Nevertheless, experts in Anti-Money Laundering emphasize that any…

United Kingdom

AML IN UNITED KINGDOM Overview Based on data released by the Polish Government, primary sources of illicit funds in Poland encompass activities like organized crime and the evasion of customs…

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