BASEL, Switzerland—Global money laundering and terrorist financing risks continue to escalate, according to the 2023 Basel Anti-Money Laundering (AML) Index.
“This independent ranking evaluates countries’ capacities to counteract money laundering and terrorist financing, drawing on 18 indicators across five domains,” NG.com stated. “The sobering findings of the 12th Public Edition of the Basel AML Index underscore the urgency for concerted global action against these pervasive threats, which impact everything from well-funded terrorist activities to the massive outflow of trillions of dollars through corruption and organized crime,” NG.com said.
According to the report, the Basel AML Index reveals a “worrying trend”: The average global money laundering and terrorist financing risk level rose from 5.25 in 2022 to 5.31 in 2023, measured on a scale where 10 represents the maximum.
“Notably, risks increased across four out of the five domains assessed: corruption and bribery, financial transparency and standards, public transparency and accountability, and political/legal risks,” NGM.com said.
A ‘Concerning Drop’
The analysis went on to state, “Although the scores for the quality of anti-money laundering and counter-financing of terrorism (AML/CFT) frameworks remained stable, there is a concerning drop in the effectiveness of these systems, as demonstrated by the analysis of Financial Action Task Force (FATF) date.”
One “critical revelation” from the Basel AML Index is the decline in the effectiveness of AML/CFT systems, despite robust structures on paper. This underscores the global struggle to prevent the misuse of the financial system for illicit activities, NGM.com said.
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