| Description |
1 online resource (5 pages) |
| Series |
1\ High-Level Summary Technical Assistance Reports, 2959-4103 |
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High-Level Summary Technical Assistance Reports; High Level Summary Technical Assistance Report ; No. 2023/012
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| Summary |
In their efforts to strengthen the effectiveness of Anti-Money Laundering/Countering the Financing of Terrorism Frameworks across the Nordic-Baltic Region (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden), the Governors of the Nordic-Baltic Central Banks reached out to the IMF to request technical assistance. The request stems from various international money laundering banking scandals (ABLV, Danske Bank, Nordea, Swedbank), involving cross-border payments by non-residents that exposed financial integrity risks in the financial sector of the region, attracting international scrutiny on the level of non-resident Money Laundering/Terrorist Financing ML/TF risks and highlighting the vulnerabilities related to AML/CFT risk-based supervision of banks in the region. The flagship project relied on a novel methodology to leverage data analysis to understand ML/TF threats and vulnerabilities and their potential impact on financial stability, and developed country and regional recommendations. Notably, the project involved an analysis of (i)potentially high-risk financial flows to and from the region; (ii) the AML/CFT domestic and regional supervisory landscape related to banks and virtual assets; and (iii) the potential implications of financial integrity shocks on financial stability |
| Notes |
Description based on print version record |
| Form |
Electronic book
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| Author |
Bardin, Pierre
|
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Bouveret, Antoine
|
|
Malden, Alexander
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Markevych, Maksym
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Texidor Mora, Santiago
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Thomas, Indulekha
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