15  Financial Stability Board and Basel Committee on Banking Supervision, “Assessing the Macroeconomic Impact of the Transition to Stronger Capital and Liquidity Requirements,” Final Report of the Macroeconomic Assessment Group, December 2010, available at http://www.bis.org/publ/othp12.pdf; Bank of Canada, “Strengthening International Capital and Liquidity Standards: A Macroeconomic Impact Assessment for Canada,” Special report, August 2010, available at http://www.bankofcanada.ca/wpcontent/uploads/2010/09/report.pdf.
The third bold step was the promulgation of the Money Laundering Act of 1995 and the Advance Fee Fraud Act of 1995, the latter popularly called “419”, which was to address the offences of obtaining by false presentment, financial sums from victims. These laws, however, were not as effective as anticipated over the years, due to a lack of serious cases of successful prosecution.