Haiti Ranked Highest-Risk Country for Money Laundering and Terrorist Financing
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2023 Financial Crime Statistics: A Cause for Concern
According to the Basel AML Index, Haiti has been ranked as the country with the highest risk of money laundering and terrorist financing globally, with a risk index score of 8.25 in 2023.
Escalating Trend Since 2018
This alarming trend has been consistently escalating since 2018, when the country’s score began to rise. The Basel AML Index is a composite measure that combines 16 indicators related to corruption, financial standards, political disclosure, and rule of law to assess the risk level of money laundering and terrorist financing in different countries.
How the Index Works
Composite Measure
The index serves as a starting point for further investigation into financial crime trends and provides valuable insights for policymakers, financial institutions, and law enforcement agencies seeking to combat these illegal activities. The statistics used are based on publicly available sources from reputable organizations such as:
- Financial Action Task Force (FATF)
- Transparency International
- World Bank
- World Economic Forum
Importance of the Basel AML Index
The Basel AML Index provides a comprehensive assessment of the risk level of money laundering and terrorist financing in different countries, helping to identify areas that require urgent attention. By using this index as a starting point, policymakers, financial institutions, and law enforcement agencies can work together to develop effective strategies to combat these illegal activities.
Conclusion
Haiti’s ranking as the country with the highest risk of money laundering and terrorist financing is a cause for concern. The escalating trend since 2018 highlights the need for urgent action to address this issue. By using the Basel AML Index as a tool, we can better understand the risks involved and work towards developing effective solutions to combat financial crime.