International Money Laundering Information Network (IMoLIN)

In our fast-paced, globalized world, money laundering remains a prevalent issue. Central to combatting this menace is the understanding and utilization of pivotal resources like the International Money Laundering Information Network (IMoLIN). In this blog, we delve into the nitty-gritty of IMoLIN to appreciate its role in combating money laundering globally.

06/06/2023

Definition

The International Money Laundering Information Network (IMoLIN) is an international, multi-language, web-based database launched by the United Nations Office on Drugs and Crime (UNODC) to provide comprehensive, authoritative information on all matters related to money laundering. IMoLIN aims to foster international cooperation in the fight against money laundering by providing governments, organizations, and individuals with resources and analysis tools.

Practical Example

To illustrate how IMoLIN works, let’s consider a hypothetical example:

A financial institution in Country A detects suspicious activity from a client who frequently transfers large sums to a company in Country B. The financial institution reports the activity to its national Financial Intelligence Unit (FIU). The FIU decides to investigate further and turns to IMoLIN.

Using IMoLIN, the FIU from Country A is able to learn about Country B’s money laundering regulations, its particularities, and contact details for its FIU. Using this information, Country A’s FIU liaises with the FIU in Country B, and they collaboratively investigate the suspicious activity, potentially preventing a substantial money laundering operation.

Statistics and Relevant Numbers:

Money laundering is a grave issue globally. According to the United Nations, the estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars.

While the scale of the problem is enormous, tools like IMoLIN are helping to make a difference. The database provides access to money laundering laws and regulations for over 180 countries, aiding in international cooperation and information sharing.

Conclusion

The fight against money laundering is a continuous one, requiring international cooperation and effective tools. IMoLIN is one such tool, bridging gaps in knowledge and facilitating global collaboration against financial crime. However, there’s a significant part that institutions can play individually in this fight.

Take for instance, Kyros AML Data Suite, a sophisticated Anti-Money Laundering (AML) compliance software-as-a-service (SaaS). Utilizing cutting-edge technology, Kyros AML Data Suite can help your organization stay ahead of money launderers.

The Kyros AML Data Suite offers real-time transaction monitoring, regulatory reporting, and risk scoring, all of which are critical to maintaining effective AML controls within your organization. It’s designed to ensure organizations meet regulatory standards while maximizing operational efficiency. The combination of the robust database that IMoLIN provides and the real-time monitoring and reporting capabilities of Kyros can significantly enhance your organization’s AML capabilities.

Like IMoLIN, Kyros also fosters international cooperation by integrating with various data sources and providing multi-language support. It’s the ideal tool to complement the use of IMoLIN and to fortify your organization’s defenses against money laundering.

Money laundering is a global issue and fighting it requires both global and local action. By making full use of resources like IMoLIN and the Kyros AML Data Suite, we can ensure our organizations are not only compliant but are also playing their part in this important global mission.