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Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498340202
Category : Social Science
Languages : en
Pages : 23
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Book Description
The purpose of this note is to inform the Executive Board of the amendments made to the standard on anti-money laundering and combating the financing of terrorism (AML/CFT). The Financial Action Task Force (FATF)—the standard setter for AML/CFT—adopted on February 16, 2012 a revised standard, now entitled the “International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation: the FATF Recommendations.”
Author: International Monetary Fund. Legal Dept.
Publisher: International Monetary Fund
ISBN: 1498340202
Category : Social Science
Languages : en
Pages : 23
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Book Description
The purpose of this note is to inform the Executive Board of the amendments made to the standard on anti-money laundering and combating the financing of terrorism (AML/CFT). The Financial Action Task Force (FATF)—the standard setter for AML/CFT—adopted on February 16, 2012 a revised standard, now entitled the “International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation: the FATF Recommendations.”
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781589063495
Category : Social Science
Languages : en
Pages : 154
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Book Description
Over the past decade and beyond, the need for a modern anti-money-laundering strategy has become widely accepted internationally. Depriving criminal elements of the proceeds of their crimes has increasingly been seen as an important tool to combat drug trafficking and, more recently, as a critical element in fighting organized crime, corruption, and the financing of terrorism, and maintaining the integrity of financial markets. The first few financial intelligence units (FIUs) were established in the early 1990s in response to the need for countries to have a central agency to receive, analyze, and disseminate financial information to combat money laundering. Over the ensuing period, the number of FIUs has continued to increase, reaching 84 in 2003. This handbook responds to the need for information on FIUs. It provides references to the appropriate Financial ActionTask Force (FATF) standards wherever appropriate.
Author: Theodore S. Greenberg
Publisher: World Bank Publications
ISBN: 0821383337
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
In recent years, revelations of grand corruption and the plunder of state assets have led to greater scrutiny of financial relationships with politically exposed persons (PEPs) senior government officials and their family members and close associates. Notwithstanding the efforts by many financial institutions and regulatory authorities to prevent corrupt PEPs from entering and using the financial system to launder the proceeds of corruption, there has been an overall failure in the effective implementation of international standards on PEPs. Implementation of an effective PEP regime is a critical component in the prevention and detection of transfers of proceeds of crime and, therefore, ultimately in the process of recovering them. 'Politically Exposed Persons: Preventive Measures for the Banking Sector' is designed to help banks and regulatory authorities address the risks posed by PEPs and prevent corrupt PEPs from using domestic and international financial systems to launder the proceeds of corruption. The book provides recommendations and good practices aimed at improving compliance with international standards and increasing supervisory effectiveness. It is an important tool for individuals, governments, financial and private sector companies, and international organizations involved in developing and implementing standards aimed at fighting corruption and money laundering, and trying to recover stolen assets and the proceeds of corruption.
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: Mrs.Michaela Erbenova
Publisher: International Monetary Fund
ISBN: 1498336531
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN: 1513541676
Category : Business & Economics
Languages : en
Pages : 88
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Book Description
This Selected Issues paper focuses on background, challenges, and policy options in Panama. Panama stands at a crossroad between taking the leap to become an advanced economy or getting stuck in the middle-income trap. The beginning of a new administration provides a window of opportunity to initiate and implement ambitious reforms. This note takes stock of fiscal issues in Panama and proposes policy options. The new administration’s fiscal agenda should feature a comprehensive reform of tax and customs administrations, a review of tax incentives and exemptions and consider steps toward a broader tax policy reform. Efforts to further strengthen the fiscal framework with the appointment of the members of the Fiscal Council should continue going forward. Panama should adopt best practice fiscal accounting and reporting methods. A comprehensive assessment and management of fiscal risks is necessary to create buffers and safeguard public finances given fiscal policy’s exclusive stabilization role.
Author: Emile van der Does de Willebois
Publisher: World Bank Publications
ISBN: 0821388967
Category : Law
Languages : en
Pages : 230
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Book Description
This report examines the use of these entities in nearly all cases of corruption. It builds upon case law, interviews with investigators, corporate registries and financial institutions and a 'mystery shopping' exercise to provide evidence of this criminal practice.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451815085
Category : Social Science
Languages : en
Pages : 203
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Book Description
Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
Author: OECD
Publisher: OECD Publishing
ISBN: 9264081097
Category :
Languages : en
Pages : 48
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Book Description
The purpose of this handbook is to raise the awareness level of tax examiners and auditors on money laundering. It provides guidance in identifying money laundering during the conduct of normal tax audits. It also describes the resources and tools ...
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.
