Dirty Money! Global Organizations & Laws that Combat Money Laundering

The video discusses how terrorist organizations finance their operations through both illegal and legitimate means, using sophisticated money laundering techniques. It highlights global efforts to combat money laundering, focusing on the role of the Financial Action Task Force (FATF) and international cooperation. The video also covers US-specific regulations and agencies, such as FinCEN, OFAC, and the Bank Secrecy Act, which are crucial in monitoring and preventing financial crimes.

Which of the following is NOT a method used by terrorists to launder money?

• Investing in real estate

• Cash couriers and smuggling

• Alternative remittance systems

• Using traditional financial institutions

What is the primary function of the Financial Action Task Force (FATF)?

• To set global standards for AML compliance

• To monitor international trade agreements

• To enforce tax regulations

• To provide financial aid to developing countries

Which event led to the introduction of the US Patriot Act?

• The September 11 attacks in 2001

• The signing of the Kyoto Protocol

• The financial crisis of 2008

• The formation of the European Union

What is the role of the Financial Crimes Enforcement Network (FinCEN)?

• To manage national defense budgets

• To monitor banks and financial institutions for suspicious activities

• To regulate stock market transactions

• To oversee international trade policies

Which U.S. law imposes compliance obligations on financial institutions to combat money laundering?

• The Sarbanes-Oxley Act

• The Dodd-Frank Act

• The Bank Secrecy Act

• The Patriot Act