Chronological AML Developments

Year

Developments

1986

  • U.S. enacts its Money Laundering Control Act, codified at 18 U.S.C. Section 1956 and 1957, the first law in the world to make money laundering a crime.

1988

  • Vienna Convention (UN Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances) is agreed.

  • Statement of principles is issued by Basel Committee on Banking Regulations and Supervisory Practices.

1989

  • Financial Action Task Force established at G-7 economic summit in Paris.

1990

  • FATF issues its 40 Recommendations on Money Laundering.

  • Caribbean Financial Action Task Force is established and issues CFATF 19 Recommendations on Money Laundering.

  • Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime is issued.

1991

  • FATF members agree on “mutual assessment” process.

  • Council of Europe Directive on Prevention of the Use of the Financial System for the Purpose of Money Laundering (91/308/EEC) is issued.

1992

  • Organization of American States (OAS) model anti-money laundering regulations and legislation are adopted.

  • Kingston (Jamaica) Declaration on Money Laundering of the CFATF is issued.

1993

  • UN model law on Money Laundering, Confiscation and International Cooperation in Relation to Drugs is proposed.

1995

  • Egmont Group of Financial Intelligence Units is formed.

1996

  • The FATF 40 Recommendations are revised to extend predicate offenses beyond drugs to other serious crimes.

  • The first FATF Typologies Report is released.

1997

  • Asia/Pacific Group on Money Laundering (APG) is established.

  • PC-R-EV (now MONEYVAL) is established, which conducts self-assessments of AML measures in European countries that are not FATF members.

1998

  • OAS Model Regulations Concerning Laundering Offenses Connected to Illicit Drug Trafficking and Other Serious Offenses are amended.




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