"Many banks have been struggling just to survive the past few years, and a recent study shows while management is redirecting the bulk of attention and resources to propping up its institutions, focus on preventing money laundering is slipping, even as it remains a problem in Europe.
Money laundering, the concealment of illegally obtained funds, is a practice that various international regulators including the International Monetary Fund and the Financial Action Task Force on Money Laundering say is a global problem. They also, however, concede it is almost impossible to put an estimate on the amount of money laundering transactions that take place each year."
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