Global Witness asks to tighten Anti-Money Laundering Legislation

Global Witness recently asked the Group of 20 developed and developing countries (G20) to tighten anti-money laundering legislation. UK non-governmental organization that is campaigning against corruption and for revenue transparency in resource-rich emerging countries said that so far they haven’t succeeded in stopping widespread embezzlement in emerging markets.

In the middle of March, finance ministers from the G20 were meeting in London in order to prepare a leaders summit where regulatory reform is to be discussed. This summit will be held on April 2.

Global Witness provided the list of European banks that had allegedly received diverted money from Equatorial Guinea and the Republic of Congo.

According to the organization, governments should adopt anti-money laundering legislation to ensure that banks do due diligence properly. Also, each jurisdiction has to produce public online registers of the beneficial ownership of all companies and trusts. Global Witness suggests a strengthening of international cooperation is necessary, starting with the reform of the Financial Action Task Force (FATF).

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