Financial Crime and the Law: Identifying and Mitigating Risks

In 2012 the Financial Action Task Force, the global intergovernmental standard-setter for anti-money laundering (AML), combating terrorist financing (CTF) and proliferation financing (CPF) standards embedded a mandatory risk-based approach in its standards. This has fundamentally changed AML/CTF/CPF regulatory and compliance approaches globally. This chapter considers the history behind the adoption of this approach and the implications of the approach, framing the papers in this collection.