Money laundering is a process by which the illicit source of assets obtained or generated by criminal activity is concealed to obscure the link between the funds and the original criminal activity. Terrorism financing involves the raising and processing of funds to supply terrorists with resources to carry out their attacks. While the phenomena differ in key ways, they often exploit the same vulnerabilities in financial systems that allow for an inappropriate level of anonymity and nontransparency in the execution of financial transactions. In 2000, the Fund responded to calls from the international community to expand its work in the area of anti- money laundering (AML). After the tragic events of September 11, 2001, the Fund intensified its AML activities and extended them to include combating the financing of terrorism (CFT). In 2009, the IMF launched a donor-supported trust fund to finance technical assistance in AML/CFT. In 2011, the IMF‘s Executive Board reviewed the effectiveness of the Fund‘s AML/CFT program and gave strategic guidance for the work ahead.
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