AML/CFT if built from scratch today…

The world’s anti-money laundering/combating the financing of terrorism (AML/CFT) system has come a long way since the G7 group of nations decided to launch the Financial Action Task Force (FATF) in July 1989. But Australian researchers have claimed AML/CFT compliance costs US$300 billion and only nets US$3 billion of an estimated US$3 trillion in criminal funds generated annually (a 0.1% success rate). [1] Their complaints about the cost of AML/CFT have been echoed by other experts. [2] If the system was being designed today, how might it differ from the status quo? Keith Nuthall quizzes some thinkers.