An elaborate global Anti Money Laundering system has been constructed over last 25 years. Originally aimed at reducing the drug trade and expanded to target a variety of crimes, it is now more driven by the goal of cutting off terrorist finance and imposing sanctions on countries suspected of acquiring nuclear weapons. The system is sufficiently established that it has received little criticism except at the margins, primarily with respect to how well it is implemented. Yet it is so unevenly implemented across nations, so widely flouted by major banks and with so little claim to either substantive or procedural legitimacy that this silence is hard to understand. A spate of aggressive actions by US prosecutors and regulators has generated a troubling response from the banking industry as it scrambles to reduce risk. Sending remittances to “high risk countries” such as Somalia and Pakistan is becoming increasingly difficult and expensive. Some developing countries are being cut off from the international financial system by denial of correspondent banking privileges with North American and European banks.
Each year the Center for Global Development hosts more than 80 public and invitation-only events. These events range from private roundtables to small seminars to book launches and other large public forums. The Center continues to host two popular on-going event series, the CGD Invited Research Forum (formerly the Massachusetts Avenue Development Seminars) and Global Development Matters, our summer movie night series. If you would like more information about CGD events or are interested in renting our conference space, please send us an e-mail. You can subscribe to an RSS feed of upcoming events, and view our event photo archives on flickr.