The timing could not be better given the increase attention that the international community is lending to sanctions for non-compliance and given our aspiration to be an international financial centre. Money laundering is the process through which the gains derived from criminal activities are made to appear as if they originated from a legitimate source.
The events of 9/11 highlighted a more threatening dimension of the problem – the use of the financial system to mobilize and direct funds for terrorist activities. In my remarks when I talk about anti-money laundering measures, I also include steps to counter the financing of terrorism. Many people don’t see money laundering as the serious crime that it is.