The banking sector vis-à-vis money laundering

Abstract

This research evaluates strategic options in the prevention of money laundering, within the Maltese and international contexts. This issue is deemed of pivotal importance in view of the growth of money laundering posing a serious threat to the global financial industry. Moreover, it can potentially destabilize the vulnerable global climate. The banking sector represents the strategic backbone of the Maltese economy. This entails that banks are potentially at risk keeping in view their reputation, legal standing and regulatory frameworks. Risk management strategies need to be backed by the prevention of serious crimes- the latter is deemed as a corporate and social duty. The underlying objective of this research is intended to assess the way in which banks adopt Anti-Money Laundering measures. The scope of the study is also directly relevant within the international context. Ensuring full confidence in the bank's ability to deter fraud is vital. The constructive steps highlighted, help to minimize money laundering, thus ensuring stability. Reference to diverse case studies reflecting the international scenario, are going to be carried out, with the underlying objectives to clarify the issue and to highlight aspects of strategic importance interlinking the financial industry vis-à-vis money laundering.