Money laundering and terrorism financing are serious issues that banks must address, especially as too many financial institutions are complicit in enabling the flow of unlawful funds. Unfortunately, the need to act decisively has also resulted in a disabling tightening of trade finance, sorely needed for economic growth. The new Asian Development Bank Scorecard seeks to ameliorate the inadvertent consequences of AML and CFT compliance.
Human beings tend to believe that after hitting a bump in the road, their route will eventually go back to “normal”. But when it comes to global economic and trade growth, this assumption may lead to a complacency that ultimately allows conditions to deteriorate to levels that everyone dreads.