The efforts made in one jurisdiction to combat money laundering can be nullified by the deficiencies and lax regulations existing in other jurisdictions. We fully appreciate the role of the Financial Action Task Force (FATF) that carried out evaluations of anti-money laundering regimes in different countries. Naming and shaming non-cooperative countries does seem to produce the desired results.
I wish to express my appreciation of the Customer Due Diligence (CDD) document - a joint product of the Basel Committee on Banking Supervision and the Offshore Group of Banking Supervisors. While the document recognises the cross-border implications of financial transactions, it also favours exchange of information pertaining to customer adoption policies and procedures of financial institutions.