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Money laundering reviews should influence financial stability assessments, says IMF

Jan 14 2013 Martin Coyle, Regulatory Intelligence

Anti-money laundering and countering terrorist financing issues should be considered when assessing a country's financial stability, according to the International Monetary Fund (IMF). The global organisation has released a framework that deals with instances of money laundering deemed serious enough to threaten domestic stability and has called on its staff to report the issues when they occur. The IMF said money laundering, terrorist financing and related predicate crimes could undermine the stability of a country's financial system as well as its broader economy. It added that it might have "spill over" effects on global stability. "Threats to financial stability and macroeconomic performance can be directly attributable to money laundering and terrorist financing in certain cases, resulting, for example, in loss of access to global financial markets and destabilising inflows and outflows," the IMF said. One industry source told Compliance Complete that the review was fairly

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