As noted by the Law Enforcement, Organized Crime and Anti-Money-Laundering Unit (the Unit) of the UN Office on Drugs and Crime (UNODC), money is the prime reason for engaging in almost any type of criminal activity. The Unit defines money laundering as the method whereby criminals disguise the illegal origins of their wealth and protect their asset bases, so as to avoid the suspicion of law-enforcement agencies and prevent leaving a trail of incriminating evidence.

The Financial Action Task Force (FATF) is the main international antilaundering body. The FATF was established by the G7 Summit held in Paris in 1989. In October 2001, terrorist financing was added to the FATF mandate, the FATF was given the responsibility of examining money-laundering techniques and trends, reviewing the ...

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