Posts Tagged ‘profiling’

h1

IMF report damns useless FATF standards

August 21, 2011

The most important international anti-terror financing organization in the world, the Financial Action Task Force (FATF), has been ridiculed by a report from the International Monetary Fund (IMF).

Of course, all these people are members of the global power establishment, so they use a lot of polite words, but it pretty much boils down to a comment from IMF employee Jody Myers that the modern FATF style anti-money laundering (AML) system “isn’t helping” and “why are we doing it.”

Indeed, the international system is cumbersome, anti-business, anti-bank, anti-investor, anti-consumer, and only anti-terrorist on rare, almost coincidental occasions.  Everybody who uses a bank gets treated like a terrorist, and the real terrorists escape notice through the sheer volume of bank data being transferred around the world.  Nobody wants to discuss a possible solution which involves profiling bank customers.

From MoneyLaundering.com on Aug. 2:

AML Standards Should Be Revised to Better Root Out Crime, Says IMF

By Brian Monroe

Intergovernmental evaluations of how nations fight money laundering and terrorist financing often do not accurately reflect whether those efforts are effective, the International Monetary Fund said in a report Wednesday.

The jurisdictional examinations conducted by the Paris-based Financial Action Task Force (FATF) and other groups that follow its 49 standards “do not correlate” with whether a country is involved with narcotics trafficking, the organization said in a 97-page report. Read the rest of this entry ?