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Basle Statement of Principles

What is the "Basle Statement of Principles on Money Laundering.

Answer by Barry Thompson

I believe the information you request refers to the “Prevention of Criminal use of the Banking System for Purpose of Money Laundering,” issued December 1988. This is a five page document on money laundering that you can download at


Answer by Mary Beth Guard

In the recent suit by five state insurance commissioners against two banks, alleging that deficiencies in the banks' anti-money laundering programs led to losses incurred by seven insurance companies, each of the banks had reportedly adopted the Basle principles and a copy was attached to the complaint.

See our article "Know Your Customer -- Or Be Liable to Third Parties?" for details.

First published on 9/16/02

First published on 09/16/2002

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