Aggregated News From Investment Management Regulators

“Let’s talk about money” – money laundering: how illegal assets are given a legal appearance


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In the latest edition of its consumer information series, “Let’s talk about money” the Austrian Financial Market Authority (FMA) explains about the term money laundering, and how private individuals can help to prevent money laundering, and how they can ensure that they do not fall victims of professional money launderers. In addition, there are answers provided to a number of the most frequently asked questions to the FMA’s Consumer Information team about the prevention of money laundering.

Money laundering means that illegally obtained money – for example from drug dealing, tax evasion, corruption, illegal arms trading, online fraud, child pornography or human trafficking – is fed into clean financial and economy system. This causes immense economic damage for the real economy. According to the European Commission, within the EU alone, illegal financial activities like money laundering account for around EUR 160 billion per year.

“Transparent flows of money are the key in combatting money laundering,” remarked the FMA’s Executive Board Members Helmut Ettl and Eduard Müller. “Banks, insurance companies and investment firms, need to know their customers, and to observe their activities in detail in order to be able to recognise unusual flows of money”. The Members of the Executive Board added that the FMA has a strictly zero-tolerance policy in regard of the prevention of money laundering, and in this year’s priorities for supervision and inspections ensuring that the Austrian finance centre remains clean by taking targeted preventative measures has once again be identified as a priority.

The new edition of “Let’s talk about money” can be found under the following link (Link to external page. Opens in new window.).

This news item was originally published by the Financial Market Authority (FMA AT). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Market Authority
Abbreviation: FMA
Jurisdiction: Austria

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