ANTI-MONEY LAUNDERING POLICIES IN THE FINANCIAL SECTOR

Abstract

Money laundering is one of the most significant risks that threaten the financial systems at national and international level. Efforts to curb this phenomenon have a history of about thirty years and have undergone major developments. In condition of expanding of the globalization into various spheres of economic and social life and the rapid pace of entering of the technology, the dynamics in the development of the anti-money laundering policies reflects the need for greater protection of countries’ financial systems against the entry of criminally acquired funds and for better risk management. This presentation traces the updating of international standards for combating money laundering in the last decade and their upgrading with new measures, which to meet the challenges of nowadays reality. Objects of analysis are the policies of particular importance for financial institutions, which aim to ensure the stability of financial systems. The Standards of the Financial Action Task Force, as well as the 4th and 5th Directives of the European Union, are considered as main accents of the paper.