46545
Basel Institute Publishes Anti-Money Laundering Index
Economy, Business And Markets

Basel Institute Publishes Anti-Money Laundering Index

The 2016 edition of Basel AML Index was published this week by the Basel Institute on Governance, covering 149 countries; it’s the fifth edition of the rankings. The index is an annual ranking of countries assessing their money laundering risk.
Iran held the number-one spot for the third consecutive year in the Basel AML Index but more countries improved their ratings on the index since last year’s edition, the Basel Institute said, noting, however, that global effectiveness in fighting money laundering remains weak.
 Although a majority of countries legally comply with international standards, they fall short in the implementation and enforcement of their laws, the Basel Institute said in a statement.
Iran’s top ranking comes as the country tries to clean up its banking system in a bid to win foreign investment following the implementation in January of the nuclear agreement with global powers.
The 10 countries posing the highest risk for money laundering, according to the 2016 Basel AML index, are Iran, Afghanistan, Tajikistan, Guinea-Bissau, Mali, Cambodia, Mozambique, Uganda, Swaziland and Myanmar. Finland is the lowest-risk country, followed by Lithuania and Estonia, the index says.
Four countries — Barbados, Samoa, Suriname and Swaziland — were removed from this year’s index due to insufficient data, while the Basel Institute added Sudan to the latest edition as more data were available.
To assess a nation’s money laundering risk, the AML index assigns each country a score on a zero-to-10 scale based on a framework that aggregates and weights data from sources such as the World Bank, the Financial Action Task Force and the World Economic Forum. High scores indicate a country is more vulnerable to money laundering.
The FATF, an international standards body, while keeping Iran on its blacklist, in June suspended countermeasures against the country for a year to give Tehran a chance to improve its performance in that area.

Short URL : http://goo.gl/ThtsWN
  1. http://goo.gl/4JpzCG
  • http://goo.gl/lg2GMk
  • http://goo.gl/otPftM
  • http://goo.gl/80bOzk
  • http://goo.gl/s7ihHl

You can also read ...

Central Bank of Iran Against Market Intervention
Central Bank of Iran's Governor Abdolnasser Hemmati said the...
New Forex Initiative Unable to Tip Scales
The new forex initiative has only managed to fix major policy...
VDMA Backs Iran Trade
Germany’s plastics and rubber machinery trade association,...
Tehran Shows 4th Biggest Upturn in Economist’s Livability Index
Tehran is one of the top five cities in the world to have...
Equity-Based Sukuk Return to Iran Capital Market
The government is set to clear part of its debt to Social...
Musk Bid for Tesla Still Murky
Tesla Inc’s board named a special committee of three directors...
Over €81m Worth of Airport Equipment Purchased  Post JCPOA
Iran Airports & Air Navigation Company, an arm of the...
Tehran Home Rents Up 26.7 Percent in Q1
The average price of renting a residential unit in Tehran...

Trending

Googleplus