Monetary policy was no longer geared to the exchange rate. At the time, monetary policy objectives and instruments were not yet clearly defined in many countries. This is in stark contrast to the situation today. Most central banks are now independent and clearly focused on combating inflation. The Federal Reserve’s dual mandate also does not currently restrict its efforts to combat inflation.
The BASEL 2017 AML Index report shows, during the period from 2012–2017, the Index did not reflected significant change, indicating slow progress, high rates of perceived corruption, lack of judicial strength, lack of resources, and deficiency of financial transparency in the developing world. In addition to this, a large‐scale of tax evasion is being a major challenge while fighting against money laundering. 9.