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Author: Benton E. Gup
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
Money laundering is a global problem. It involves hundreds of billions of dollars, and it is proof that crime pays. According to the United Nations Office on Drugs and Crime, money laundering can erode a nation's economy and it can adversely affect the global stability of financial markets. After the 9/11 terrorist attacks on the United States, the concept of money laundering was expanded to include the financing of terrorism. The basic idea behind this book is that if you don't know what you are looking for, you are not going to find it. By way of illustration, few people realise that cigarette smuggling, certain charitable organisations, internet solicitations, as well as investments in legitimate businesses have been used to finance terrorists. This book will help you figure out what to look for in terms of money laundering and financing terrorism, but it cannot provide all of the answers in an ever changing setting.
Author: Benton E. Gup
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
Get Book Here
Book Description
Money laundering is a global problem. It involves hundreds of billions of dollars, and it is proof that crime pays. According to the United Nations Office on Drugs and Crime, money laundering can erode a nation's economy and it can adversely affect the global stability of financial markets. After the 9/11 terrorist attacks on the United States, the concept of money laundering was expanded to include the financing of terrorism. The basic idea behind this book is that if you don't know what you are looking for, you are not going to find it. By way of illustration, few people realise that cigarette smuggling, certain charitable organisations, internet solicitations, as well as investments in legitimate businesses have been used to finance terrorists. This book will help you figure out what to look for in terms of money laundering and financing terrorism, but it cannot provide all of the answers in an ever changing setting.
Author:
Publisher: World Bank Publications
ISBN: 0821379135
Category : Business & Economics
Languages : en
Pages : 304
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Book Description
"Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.
Author:
Publisher: World Bank Publications
ISBN: 0821375709
Category : Business & Economics
Languages : en
Pages : 663
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Book Description
Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide has been developed by the Financial Market Integrity Unit of the World Bank to support the World Bank's Capacity Enhancement Program on AML/CFT. The modules are comprised of the following eight Modules: Module 1 - Effects on Economic Development and International Standards Module 2 - Legal Requirements to meet International Standards Module 3a - Regulatory and Institutional Requirements Module 3b - Compliance Requirements for Financial Institutions Module 4 - Building an Effective Financial Intelligence Unit Module 5 - Domestic (inter-agency) and International Cooperation Module 6 - Combating the Financing of Terrorism Module 7 - Investigating Money Laundering and Terrorist Financing
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 929257762X
Category : Business & Economics
Languages : en
Pages : 143
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Book Description
This handbook provides nonbanking financial institutions guidance on how to manage risks associated with money laundering and the financing of terrorism. It reflects the requirements of the international standard setter in the fight against money laundering and terrorist financing---the Financial Action Task Force---and is intended to serve as the basis for developing internal controls and procedures by nonbanking financial institutions to combat such actions.
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: Klaudijo Stroligo
Publisher: World Bank Publications
ISBN: 0821399225
Category : Business & Economics
Languages : en
Pages : 112
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Book Description
Seizure and confiscation of proceeds of crime, and funds intended to finance terrorism, are key objectives of the global initiative to combat money laundering and terrorism financing. The timely identification and immobilization of such funds are critical to permit the action necessary to prevent the flight of illicit assets beyond the reach of national law enforcement and prosecutorial authorities. Among the measures and tools that have been developed is the power for Financial Intelligence Units (FIUs) to order the postponement of transactions involving funds suspected of being related to money laundering or terrorism financing. This power has been given to a significant number of FIUs, but is not a mandatory element of the international anti-money laundering and countering terrorist financing standards. The World Bank and the Egmont Group undertook a joint study to gather information about the legal basis of this power and its practical application as well as the frequency and modalities of its use. Detailed findings of this study are reported in this booklet, together with a series of recommendations that address anomalies, or perceived weaknesses, in the structure and scope of this power, and the manner in which it is used by FIUs. In this regard it is worth mentioning some of the key recommendations flowing from the study that urge national authorities to: • Provide an explicit legal basis for the FIU’s power to postpone suspicious transactions. • Identify the minimum requisite conditions for the FIU’s exercise of this power. • Ensure that the legal provision for this power mandates a reasonable maximum duration for the FIU postponement order. • Introduce legal provisions to require the FIU to issue a written postponement order, while allowing for an oral order in urgent cases. • Develop and implement effective mechanisms for coordination of the activities of reporting entities and public authorities involved in the postponement of transactions and follow-on interventions that may be triggered by the postponement. The report’s findings and recommendations are intended to provide practical advice to those countries that may wish to review, upgrade or strengthen their FIU’s capacities to use this power. It will also be an invaluable source of information and guidance to policy makers, FIUs, as well as law enforcement and prosecutorial authorities of countries that may be considering the introduction of this power.
Author: Tim Parkman
Publisher: Pearson UK
ISBN: 0273759051
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
This book offers best practice advice on how to meet anti-money laundering (AML) regulations and will help you put together an effective framework to meet your legal obligations. It includes a comprehensive selection of example documents, checklists and an unrivalled collection of training materials.
Author: Paul Allan Schott
Publisher: World Bank Publications
ISBN: 0821365142
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
This second edition of the Reference Guide is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The Reference Guide is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.
Author: Tim Parkman
Publisher: Routledge
ISBN: 1351948199
Category : Business & Economics
Languages : en
Pages : 287
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Book Description
Regulation and control of the financial industry has become the weapon of choice for governments struggling to control the rise in global crime and terrorism. Tim Parkman and Gill Peeling's Countering Terrorist Finance - A Training Handbook for Financial Services is a practical, specialist guide for training staff in financial institutions in the processes and skills needed to respond to terrorist financing activities. The book explains international legal responses and obligations (with particular jurisdictional emphasis on the US, the UK, and Hong Kong); dissects the financing typologies behind terrorist attacks including September 11th, Madrid, Bali and other non al-Qaeda examples; analyzes potential causes for suspicion and offers an overview of the main issues and considerations affecting compliance professionals, in their efforts to protect against terrorist financing. The accompanying collection of eight training activities, with supporting materials and presentation slides, provides compliance officers with a resource for developing awareness and appropriate behaviour amongst employees tasked with managing terrorist finance risk. Additional training resource materials, including Powerpoint presentations, audio visual slideshows and pdf handouts are available ondownloadable resources that accompany the book. The background material, practical advice and training resources make this collection an excellent starting point for organizations striving to make a difference in this complex and difficult area.
Author: Jayesh D'Souza
Publisher: CRC Press
ISBN: 1040080839
Category : Law
Languages : en
Pages : 234
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Book Description
Tracking funding is a critical part of the fight against terrorism and as the threat has escalated, so has the development of financial intelligence units (FIUs) designed to investigate suspicious transactions. Terrorist Financing, Money Laundering, and Tax Evasion: Examining the Performance of Financial Intelligence Units provides a thorough analy
