Suspending Suspicious Transactions
Suspending Suspicious Transactions

Author: Klaudijo Stroligo

Publisher: World Bank Publications

Published: 2013-07-18

Total Pages: 112

ISBN-13: 0821399225

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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.

Financial Intelligence Units
Financial Intelligence Units

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2004-06-17

Total Pages: 154

ISBN-13: 9781589063495

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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.

Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism
Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism

Author: Paul Allan Schott

Publisher: World Bank Publications

Published: 2006

Total Pages: 296

ISBN-13:

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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).

Politically Exposed Persons
Politically Exposed Persons

Author: Theodore S. Greenberg

Publisher: World Bank Publications

Published: 2010-04-19

Total Pages: 126

ISBN-13: 0821383337

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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.

Preventing Money Laundering and Terrorist Financing
Preventing Money Laundering and Terrorist Financing

Author:

Publisher: World Bank Publications

Published: 2009

Total Pages: 304

ISBN-13: 0821379135

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"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.

The Puppet Masters
The Puppet Masters

Author: Emile van der Does de Willebois

Publisher: World Bank Publications

Published: 2011-11-01

Total Pages: 230

ISBN-13: 0821388967

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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.

Comparative Counter-Terrorism Law
Comparative Counter-Terrorism Law

Author: Kent Roach

Publisher: Cambridge University Press

Published: 2015-07-23

Total Pages: 839

ISBN-13: 1316381099

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Terrorism law is as international as it is regionally distinct and as difficult to define as it is essential to address. Given recent pressures to harmonize terrorism laws from international organizations like the United Nations Security Council, the Financial Action Task Force, and the Council of Europe, this book presents readers with an up-to-date assessment of terrorism law across the globe. Covering twenty-two jurisdictions across six continents, the common framework used for each chapter facilitates national comparisons of a range of laws including relevant criminal, administrative, financial, secrecy, and military laws. Recognizing that similar laws may yield different outcomes when transplanted into new contexts, priority of place is given to examples of real-world application. Including a thematic introduction and conclusion, this book will help to establish comparative counter-terrorism law as an emerging discipline crossing the boundaries of domestic and international law.

International Guide to Money Laundering Law and Practice
International Guide to Money Laundering Law and Practice

Author: Arun Srivastava

Publisher: Bloomsbury Publishing

Published: 2019-04-26

Total Pages: 1663

ISBN-13: 1526502321

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Starting with an overview of the development of money laundering and the work of international organisations, International Guide to Money Laundering Law and Practice is a unique publication providing a detailed insight into the background of money laundering operations, clearly explaining the anti-money laundering laws and regulations in 35 key global financial centres throughout the world. In addition, there are four chapters considering money laundering law and practice in the UK with the emphasis on the legal and regulatory framework and include: a chapter on the accounting and auditing issues; and a chapter on confiscating the proceeds of crime written by Jonathan Fisher, QC, a leading barrister specialising in corporate and financial crime, proceeds of crime and tax cases. It also contains a chapter covering international responses and initiatives to money laundering. The fifth edition covers, amongst other things, the implementation of the Fifth EU Money Laundering Directive and the Criminal Finances Bill. Written by local experts and edited by a team from Baker McKenzie's Financial Services Group, International Guide to Money Laundering Law and Practice is the leading, authoritative text on this heavily regulated area of law. It is essential for all banking and finance practitioners involved in anti-money laundering, banks, compliance officers and regulators in order to keep abreast of the developments and compliant with the law and regulations internationally.