@booklet {64116,
	title = {International Efforts Against Money Laundering},
	year = {2000},
	note = {\&nbsp;},
	month = {Dec 1, 2000},
	abstract = {The explosion of international financial activity over the last decade has been a central fact of international economic life. Balance of payments statistics indicate that cross{\textendash}border transactions in bonds and equities for the G{\textendash}7 states rose from less than 10 percent of gross domestic product in 1980 to over 140 percent in 1995. International bond markets have reached staggering proportions: by the end of 1995, some US$ 2.803 trillion of international debt securities were outstanding worldwide. Capital flows to developing countries and countries in transition grew from US$ 7 billion in 1990 to over US$ 211 billion in 1995. Foreign lending in the form of international syndicated credit facilities has surged since the 1980s, to over US$ 320 billion at the end of 1995. Foreign exchange transactions {\textendash} which represent the world{\textquoteright}s largest market {\textendash} reached an estimated average daily turnover of nearly US$ 1.2 trillion in 1995 compared to US$ 590 billion daily turnover in 1989... Money laundering cannot be handled effectively on a unilateral or bilateral basis. Significantly different rules across jurisdictions invite "forum shopping," the shifting of business to countries with weaker controls. When the United States passed the Bank Secrecy Act of 1970, tightening reporting requirements for cash transactions over US$ 10,000, illicit money moved to Europe... To yield significant benefits, near{\textendash}global cooperation is a virtual necessity...},
	author = {Beth A. Simmons}
}
