In a speech on 'Anti-Money Laundering and Combating the Financing of Terrorism: The Challenges Ahead' given on 4 June, Agustin Carstens of the IMF said since global efforts to combat AML/CFT began in the early 1990's, there have been many successful initiatives by the world community. Banks and financial institutions are better protected against penetration by criminal organisations. However, by the end of the last decade, national and global efforts had plateaued.

"The challenge that is common