Download Handbook of Anti-Money Laundering by Dennis Cox PDF

By Dennis Cox

Effectively enforce entire anti-money laundering regulations

Handbook of Anti-Money Laundering information the main updated rules and gives useful counsel towards implementation. whereas so much books specialize in the rules themselves, this beneficial advisor is going additional by way of explaining their intending to financial institution operations, and the way the foundations follow to real-life situations. The overseas viewpoint presents a broader figuring out of the anti-money laundering controls which are in position around the globe, with definite country-specific info mentioned in-depth. insurance contains the Wolfsberg rules, monetary motion job strength information, the U.S. Patriot Act, and the newest from either the ecu and financial institution for foreign Settlements.

The IMF estimates that to 5 in keeping with cent of the worldwide GDP – $590 billion to $1.5 trillion – is laundered each year. Globally, banks and different monetary associations were required to install position particular preparations to avoid and observe cash laundering and the illegal activity that underlies it. This e-book presents the newest rules and assistance towards application.

  • Understand what cash laundering laws suggest in practice
  • Reference foreign and country-specific principles and regulations
  • Get up to the mark at the most present laws and practices
  • Implement the best anti-money laundering measures

In reaction to the elevated tracking and legislation, cash launderers became extra subtle at disguising the resource in their cash. monetary associations' staff needs to be ever extra conscious of what they're dealing with, and the way to house it, making actionable tips a severe better half to any regulatory details. For monetary associations looking extra thorough realizing and sensible suggestion, the Handbook of Anti-Money Laundering is a entire advisor.

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Extra resources for Handbook of Anti-Money Laundering

Example text

In such cases, the firm will need to show that its procedures are not only compliant with local rules and regulations but also meet expectations that are likely to be developed with the benefit of hindsight. The consequence of this is that while it is important to implement a risk-based approach, as we shall discuss again later, firms must ensure that their procedural and transactional documentation is adequate to provide a defence against an accusation that the riskbased approach was being used to enable a firm to “turn a blind eye” to potential money laundering.

Countries should consider adopting measures that allow such proceeds or instrumentalities to be confiscated without requiring a criminal conviction (non-conviction-based confiscation), or which require an offender to demonstrate the lawful origin of the property alleged to be liable to confiscation, to the extent that such a requirement is consistent with the principles of their domestic law. The International Convention on the Suppression of the Financing of Terrorism was adopted by the United Nations on 5th December, 1999.

This is perhaps one of the more contentious recommendations, and has not changed since 2003. Clearly, offshore and other financial centres have, for many years, taken advantage of data secrecy regulations to prevent disclosure of confidential information to enquiring regulatory agents. This recommendation sought to reduce the incidence of such approaches and more recent political pressure has resulted in greater relaxation of such secrecy rules in money-laundering or tax-evasion enquiries. Its application has been fraught, with some disclosures by financial institutions in some countries actually being challenged by the courts and in some cases being found to be illegal.

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