The Centre for European Policy Studies has released a report saying that between 2 and 5% of global GDP is thought to be laundered every year, whereas only 1.1% is recovered. Anti-money laundering encompasses combating tax avoidance, the financing of terrorism, human (and human organ) trafficking, state-sponsored and corporate bribery, and the proceeds from drug-trafficking and other illegal activities. Unfortunately, it says, the current AML regulations have brought little success. This report sets out the following key recommendations for a new approach to the fight against money laundering.
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