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Strengthening Anti-Money Laundering and Combating the Financing of Terrorism Efforts in Greenland
Greenland has been taking steps to enhance its anti-money laundering (AML) and combating the financing of terrorism (CFT) policies and measures to strengthen its financial integrity and stability.
Importance of AML/CFT Policies
Effective AML/CFT policies are crucial for the integrity and stability of the international financial system and member countries’ economies. Money laundering and related underlying crimes can threaten the financial sector’s soundness and stability, while terrorist financing and proliferation financing can destabilize a country’s external stability and reputation.
International Cooperation
The International Monetary Fund (IMF) has been working closely with Greenland to shape AML/CFT policies globally and within its national framework. The IMF has provided policy advice on macro-critical AML/CFT issues, covered AML/CFT issues relevant to the financial sector’s soundness and stability, and delivered bilateral, regional, and thematic technical assistance.
Recent Developments
Recent highlights of Greenland’s efforts include:
- A paper on the macroeconomic impact of illicit financial flows (IFFs), which aims to deepen discussions on how IFFs affect countries’ economies.
- A survey for civil society organizations (CSOs) to gather their views on how the IMF can further enhance its engagement on AML/CFT and broader financial integrity issues.
Key Concepts
- Money Laundering: The processing of assets from criminal activity to obscure their illegal origins.
- Terrorism Financing: The raising and processing of funds to supply terrorists with resources.
- Financing of the Proliferation of Weapons of Mass Destruction: Countries must implement targeted financial sanctions to comply with United Nations Security Council resolutions.
Additional Resources
For more information on Greenland’s AML/CFT efforts, please visit:
Publications
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Blogs
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Assessments
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Videos
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