Page 33 - Banking Finance June 2025

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A Variety of Criminal and Terrorist Organizations mental body, formed in 1989, that sets internationally rec-
Use TBML to Disguise the Origins of Their Illicit ognized standards for developing AML/CFT regimes and
Proceeds and to Fund Their Operations: assesses the ability of member jurisdictions to meet these
standards. In addition, FATF works to identify specific money
Drug trafficking organizations: Drug trafficking organiza-
tions throughout Latin America, including in Colombia and laundering methods and promotes international cooperation
Mexico, have used TBML schemes for decades to launder in disrupting and dismantling those money laundering
the proceeds from illegal drug sales. schemes. The FATF Secretariat is in Paris, France.
Terrorist organizations: Terrorist organizations, including United Nations Office on Drugs and Crime (UNODC) :
Hezbollah and the Revolutionary Armed Forces of Colombia UNODC is an agency within the United Nations, formed in
(known by its Spanish acronym FARC), have also used TBML 1997, that works to combat illicit drugs and other interna-
schemes to launder funds. tional crime in more than 150 countries throughout the
world. As part of its mandate, UNODC carries out the Glo-
Corrupt government officials: In certain countries, senior
government officials and government entities have used bal Program against Money Laundering, Proceeds of Crime,
and the Financing of Terrorism. Through this program,
TBML schemes to disguise profits derived from corrupt prac-
tices. UNODC seeks to strengthen the ability of United Nations
member states to implement measures against money laun-
Other criminal organizations: In addition to drug traffick- dering and the financing of terrorism and to assist them in
ing, criminal organizations have used TBML schemes to laun- detecting, seizing, and confiscating illicit proceeds. UNODC
der proceeds from a range of other crimes, including illegal
is headquartered in Vienna, Austria and has field offices in
mining, human trafficking, and the sale of counterfeit goods.
20 countries, as well as liaison offices in New York and Brus-
sels, Belgium.
International Bodies Involved in Efforts
World Customs Organization (WCO): The WCO, established
to Combat TBML: in 1952, is an intergovernmental body whose mission is to
The Egmont Group: The Egmont Group, formed in 1995, is enhance the effectiveness and efficiency of customs admin-
composed of FIUs from 164 jurisdictions. The organization istrations around the world and to help them in their dual
seeks to foster information exchange among its members role of facilitating international trade while also promoting
to support efforts to combat money laundering and terror- security. WCO's membership includes customs agencies from
ist financing. In addition, the Egmont Group provides train- 183 countries. The WCO's Secretariat is in Brussels, Belgium.
ing and technical assistance to its member FIUs. The Egmont
Group's Secretariat is in Canada. In India, Reserve Bank of India (RBI) has been working very

Financial Action Task Force (FATF): FATF is an intergovern- hard toward formulating enhanced measures to tackle the

30 | 2025 | JUNE | BANKING FINANCE