Enhancing the Asian Development Bank's role in combating money laundering and the financing of terrorism

Abstract

Over the past several years, the international community has become increasingly concerned about the growing problems of money laundering (ML) and the financing of terrorism (FT). ML and FT constitute global problems affecting both developed countries and the Asian Development Bank's (ADB) developing member countries (DMCs), and assistance in combating these financial crimes is urgently needed by many DMCs. The international community’s concern with the growing incidence of ML and FT arises from the fear that such activities could seriously jeopardize the integrity of national financial systems and hamper economic development including strategies for poverty reduction.