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Author: Charles Goredema
Publisher:
ISBN:
Category : Money laundering
Languages : en
Pages : 164
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Book Description
Author: Charles Goredema
Publisher:
ISBN:
Category : Money laundering
Languages : en
Pages : 164
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Book Description
Author: Michele Sciurba
Publisher: Edition Faust
ISBN: 3945400627
Category : Law
Languages : en
Pages : 139
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Book Description
This monograph offers a comprehensive analysis of the implementation of global anti-money laundering and counter-terrorism financing (AML/CTF) regulations in the United States and the European Union. It provides academics, legal professionals and interested readers with a deep understanding of the developments of the AML/CTF legal framework and guides them into the dimension of its most difficult relation with international and European human rights law. The implementation of global anti-money laundering regulations in the United Stated and the European Union has essentially led to the suspension of laws governing privacy and bank secrecy. Banks and other financial institutions now operate as an extension of law enforcement. The current Anti-Money Laundering regime jeopardises the fundamental achievements of the constitutional state. The increasing centralisation and cooperation of the competent authorities in the exchange of personal data information creates a security architecture that leads to a considerable risk of freedom restriction. In particular, the extension of the authorities ́ power of intervention granting them access to citizens ́ personal data without the need for initial suspicion underlines that a substantial part of the constitutional state is at risk. Furthermore, banks appear to use these policies as an instrument to clear legitimate but less profitable customers, in particular those with a migration background. Consequently, the implementation of the AML/CTF legal framework appears to follow a discriminatory path and clearly discloses incompatibility features with respect to the European Convention on Human Rights and Article 21 of the Charter of Fundamental Human Rights of the European Union. This monograph further explores factors contributing to the inefficiency of AML/CTF regulatory and legislative measures. Such factors are identified in inconsistent rules, which make the cooperation among national investigative authorities within the EU and at an international level more challenging. As a result, this work acknowledges regulatory and legislative harmonisation with respect to AML/CTF regimes as a central tool to successfully improve the effectiveness of AML/CTF regimes, while preserving the individual right to privacy, due process and civil rights.
Author: Rikkilä, Saana
Publisher: Nordic Council of Ministers
ISBN: 928937263X
Category : Social Science
Languages : en
Pages : 108
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Book Description
Available online: https://pub.norden.org/temanord2022-511/ Nordic countries are viewed as having low levels of corruption. However, Nordic businesses can be exploited in corruption or money laundering schemes. The KORPEN project (Korruption i samband med näringsverksamhet i Norden) was funded by the Nordic Council of Ministers, coordinated by the Ministry of Justice, Finland and implemented by the Police University College. The project concludes that anti-corruption and anti-money laundering (AML) efforts share the same features and actors but are still rather separated. Some shared methods could be utilised in combatting both crimes. In general, the AML frameworks are more structured, whereas corruption and bribery are not viewed as such a serious issue in the Nordic countries. There are incidents in the Nordic region of interconnected corruption and money laundering. New risk assessment approaches and technology solutions could be of help.
Author: Stuart Yikona
Publisher: World Bank Publications
ISBN: 0821388886
Category : Business & Economics
Languages : en
Pages : 104
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Book Description
Many developing countries have introduced policies to tackle ill-gotten money over the past years. Perception remains that such moves were more a result of international pressure being exercised than genuine ownership of such an agenda. There is not enough analysis and literature of how an anti-financial crime framework does (or does not) contribute to the development path of developing countries or how best to use these tools in a developing country environment. This study was aimed at initially exploring the effects of ill-gotten money or proceeds of crime and anti-money laundering policies on economic development. The study focused on two developing countries: Malawi, (a low-income country) and Namibia (an upper-middle-income country). The starting point of this analysis is that anti-money laundering is essentially a tool to address criminal activities and that, as a result, understanding criminal activities and how proceeds of crime impact development. The purpose of this study was: (i) to provide an initial answer to the question if and how measures to address proceeds of crime contributes to economic development; and (ii) to develop a framework that enable governments in developing countries to analyze the main sources of ill-gotten money and its effects on the economy.
Author: Eleonora Fejes
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 102
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Book Description
Author: Saana Rikkilä
Publisher:
ISBN: 9789289372640
Category :
Languages : en
Pages :
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Book Description
Author: John Madinger
Publisher: CRC Press
ISBN: 143986912X
Category : Business & Economics
Languages : en
Pages : 433
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Book Description
Many changes have occurred in the twenty-five years that have passed since the enactment of the Money Laundering Control Act of 1986. The law has been amended, new underlying crimes have been added, and court decisions have modified its scope. The Act remains an important tool in combating criminal activity. Now in its third edition, Money Laundering: A Guide for Criminal Investigators covers the basics of finding ill-gotten gains, linking them to the criminal, and seizing them. Providing a clear understanding of money laundering practices, it explains the investigative and legislative processes that are essential in detecting and circumventing this illegal and dangerous activity. Highlights of the Third Edition include Important court decisions and changes in federal law since the Second Edition New trends in crime and terrorism financing The rise of money laundering in connecting with major frauds, including the Bernie Madoff case Law and policy shifts related to terrorism and financing since the Obama administration New methods for financial intelligence and the filing of Suspicious Activity Reports How changes in technology have enabled launderers to move funds more easily and anonymously Knowledge of the techniques used to investigate these cases and a full understanding of the laws and regulations that serve as the government’s weapons in this fight are essential for the criminal investigator. This volume arms those tasked with finding and tracing illegal proceeds with this critical knowledge, enabling them to thwart illegal profiteering by finding the paper trail.
Author: Paul Allan Schott
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 296
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Book Description
Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).
Author: Dominic N Suszek
Publisher:
ISBN:
Category :
Languages : en
Pages : 222
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Book Description
Money laundering is one of the main 'engines of crime' sustaining global criminal enterprises and is worth billions of dollars. The increasingly global and virtual nature of financial services and the emergence of technology-enabled products, such as crypto currencies and anonymization tools, have made the task of combating it more difficult.To complicate things, controlling much of this mega-illicit activity are global money laundering syndicates, who offer their services to criminal networks, and are highly adept at exploiting gaps in the financial systems. Another complication to the compliance function is the complex legal requirements set by each country to limit the international flows of illicit funds. These are the challenging conditions within which anti-money laundering (AML) and Counter Terrorism Financing (CTF) measures currently operate.Money laundering takes place in all forms and shapes. There are no social, economic, geographic, or professional boundaries immune from abuse which can facilitate money laundering. Artwork, antiquities, antiques, precious stones, and exotic cars are among a few of the items frequently used. This book will explore elements of money laundering that touch all these areas.To understand money laundering, one must understand the history of money laundering and the evolution of the inclusion of priceless items as a means of laundering illegitimate and elicit funds. This guide is an essential tool to learn, understand, expand, and maintain a proper understanding of money laundering flows and how to prepare the financial industry for evolving risks.I grew up in Miami in the 80's and early 90's, a time when money laundering and drug trafficking through the city reached its peak. In fact, my banking career started at the height of the Cocaine Cowboy era in the mid-80's. At this time financial regulations were still in their infancy and technology to manage the detection and monitoring of white-collar financial crimes by financial institutions did not yet exist. I started off as a part time teller at a large Miami Beach bank while still in high school. This experience provided me with my first exposure to how billions of dollars in cash was making its way into banks across the city. I often refer to Miami as ground zero for money laundering, as well as for my education on the subject. I grew professionally inside Miami banks by securing positions in audit departments where I developed firsthand knowledge of the various facets of banking. In the early 90s I continued to grow professionally, shifting my focus towards the growing realm of financial technology. At the time, cutting edge technology consisted of personal computers which were still in their early stages of development, and there was a sharp learning curve for myself and my colleagues trying to understand how to use shared desktop terminals and PC's for the first time. My experience with technology within the financial sphere expanded in the late 90's and 2000's when I grew to develop a greater understanding of the role of software and how certain programs could be used in combination with advancing technology - that is, newer, faster desktop computers and laptops - to facilitate the implementation of infrastructure within institutions that could be used to both enhance operational efficiency, as well as create processes that could be utilized to ensure that institutions could comply with new and evolving regulatory requirements. The bulk of these regulations would come to be encompassed within the USA PATRIOT Act.
Author: Dionysios S. Demetis
Publisher: Edward Elgar Publishing
ISBN: 1849806659
Category : Law
Languages : en
Pages : 201
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Book Description
. . . a stimulating look at the hard work done in many specialisms that collectively seek to combat money laundering. Sally Ramage, The Criminal Lawyer While there is much noise about the control of money laundering, there are few whose work is able to rise above the din and in clear notes contribute in a constructive manner to the debate. This work is not only an intelligent discussion of many of the substantive issues relating to the control of money laundering, but a great deal more. Drawing on systems theory and seeing the control of money laundering particularly from the standpoint of technology as complex and integral to the proper and effective operation of financial institutions, the author addresses in a novel and practical way the design and management of risk based compliance. The theory is tested, not only in terms of viable technology, but also in an actual case study involving real issues in a bank. Consequently, those concerned with the formulation of policy, the design of controls and procedures and the implementation of such will find the contribution that this book makes of great significance. Barry Rider, Bryan Cave LLP, UK This book avoids the usual trap of interminably listing AML war stories. Instead Dr. Demetis presents a solid theoretical foundation for AML research and practice. He gives a damning critique of the way so-called technological solutions are used uncritically by some AML professionals, and analyses the risk-based approach, describing its problems and ways of avoiding them. He presents a fascinating in-depth case study of a financial institution, and a short case of a bank using technology to improve its True Positive Rate substantially to 17 per cent. Ian Angell, London School of Economics, UK Dr Demetis makes a great contribution to our understanding of anti-money laundering at both a systems and practical level. [He] writes as someone who not only thinks deeply about these issues but, as the in-depth case examples show, has tried to see how far technology can address some audacious goals. Readers will learn that while risk-based approaches to anti-money laundering have been an interesting regulatory development, practical implementation, despite the hype of technology vendors, is still at a primordial state . Michael Mainelli, Gresham College and Z/YEN Group, UK This insightful book examines the influence of information systems on anti-money laundering (AML). It builds on systems theory in order to develop a coherent theoretical framework that can be used for AML research. By using a case study of a major financial institution in the EU-area, a number of technological influences on AML are deconstructed and are used to examine the role that technology plays within AML. The book provides a systems theoretical description of the effects of technology on AML and offers considerations on the risk-based approach the most important contemporary evolution within regulatory initiatives on AML and terrorism financing. Technology and Anti-Money Laundering will appeal to researchers of financial crime and AML as well as those interested in information systems and systems theory. A number of considerations for practitioners are also discussed, including the risk-based approach and the integration of AML-technology in financial institutions, as well as an important data-mining application. Money Laundering Reporting Officers (MLROs) in financial institutions and central bankers will also find much of interest in this book.
