Money laundering and terrorist financing undermine the integrity and stability of financial systems and can have a significantly adverse impact on a jurisdiction's economy. Challenges to effective ...supervision and prevention of money laundering and financing of terrorism were exacerbated in the aftermath of the 2008 financial crisis, with financial institutions' need for funds at times undermining vigilance as to the provenance of those funds. As such, supervisors often, and prudently, focused on coping with the crisis.
Since 2009, when the first edition of this handbook was published, challenges to the integrity and stability of financial systems have continued to evolve. Money-laundering and terrorist-financing risks continue to threaten the reputations of financial institutions and entire financial sectors, exposing institutions to the possibility of severe enforcement action by public authorities or the loss of correspondent relationship facilities by their private sector counterparts. This second edition reflects the evolving challenges to the integrity and stability of financial systems, recent trends in enforcement actions by country authorities, and changes to international standards, notably an emphasis on a risk-based approach.
This practical handbook supports the implementation of international standards established by the Financial Action Task Force and other bodies,
* Providing examples of money-laundering and terrorist-financing supervisory frameworks in a range of countries;
* Describing best practices for the supervision and enforcement of money-laundering and terrorist-financing laws and regulations;
* Offering practical advice on how a particular jurisdiction might incorporate enforcement of the laws and regulations on money laundering and terrorist financing into its supervisory framework.
Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.
The COVID-19 (coronavirus) crisis was a reminder, if any were needed, that criminal creativity thrives in times of chaos, exploiting people’s fears. Unsafe face masks, counterfeit drugs, and suspect ...medical equipment flooded the market, touted as miracle cures against the coronavirus by unscrupulous actors wanting to turn a quick profit. Companies with no record in health won big government contracts and, as people’s situation deteriorated, organized crime stepped in to lend a “helping hand” to those suffering financial distress. Where most people saw a global public health and
economic crisis, criminals saw an opportunity. What this criminal behavior, indeed almost all financial economic crime, has in common is that the funds involved move through the formal financial system. The service providers that execute those transactions are in a good position to gather firsthand intelligence on what is happening. For this reason, banks and other financial institutions have anti-money-laundering and countering the financing of terrorism (AML/CFT) obligations to find out who is paying whom and why and, if necessary, to alert the authorities. Financial institutions are the first line of defense against this criminal behavior; they are the gatekeepers to the international financial system.
The Puppet Masters Emile van der Does de Willebois, Emily M. Halter, Robert A. Harrison, Ji Won Park, J. C. Sharman
2011, 11-03-2011, 2011-03-11, 20110101
eBook, Book
Odprti dostop
This report, the puppet masters, deals with the corporate and financial structures that form the building blocks of hidden money trails. In particular, it focuses on the ease with which corrupt ...actors hide their interests behind a corporate veil and the difficulties investigators face in trying to lift that veil. It serves as a powerful reminder that recovering the proceeds of corruption is a collective responsibility that involves both the public and private sector. Law enforcement and prosecution cannot go after stolen assets, confiscate and then return them if they are hidden behind the corporate veil. All financial centers and developed countries have committed, through the UN Convention against Corruption and international anti-money laundering and countering the financing of terrorism standards, to improving the transparency of legal entities and other arrangements. This report provides evidence of how far we still have to go to make these commitments a reality. Narrowing the gap between stated commitments and practice on the ground has a direct impact on actual recovery of assets.
One of the ways that terrorist organizations raise and transfer funds is by using the fundraising power, and the aura of charitable activity, of nonprofit organizations (NPOs). This article argues ...that, when discussing the threat and how to address it, policymakers need to be specific and not paint the whole sector with the same brush. Virtually all governments already interact with the NPO sector in one way or another. These preexisting avenues should be used for dealing with this issue; it is inefficient and ultimately counterproductive to devise an entirely new regulatory framework. The ultimate objective is to enhance the transparency of the sector to ensure information is available on the people in charge of NPOs, their sources of funds, and, particularly, the way those funds are spent. This aim serves a much wider purpose than just terrorism financing and touches on many aspects of good governance of civil society that the sector itself and others have been debating for a long time. When devising public policy on how to deal with possible terrorism financing through the nonprofit sector, the contribution of the NPO sector to fighting terrorism should be recognized and used to its full advantage. Moreover, the NPO sector's own stake in being 'clean,' and being regarded as such by others, should be acknowledged. NPOs are an indispensable partner in drawing up such policies. For the same reason, self-regulation should be considered.
Public wrongs, private actions Brun, Jean-Pierre; Dubois, Pascale Helene; Willebois, Emile van der Does de ...
2014., 2015, 2014, 10-24-2014, 2014-10-24
eBook, Book
Odprti dostop
Corruption and thefts of public assets harm a diffuse set of victims, weakens confidence in public institutions, damages the private investment climate, and threatens the foundations of the society ...as a whole. In developing countries with scarce public resources, the cost of corruption is an impediment to development: developing countries lose between US
This book is specifically designed for
bank supervisors, some of whom may be looking for ways to
devise a program of anti-money laundering/combating the
financing of terrorism (AML/CFT) supervision. ...Others may
have encountered difficulties in elements of their systems
of supervision and are looking for alternatives. Supervisors
may also come to recognize even more efficient ways to carry
out AML/CFT supervision. The objective of this book is
therefore to provide a "how to" reference for
practitioners of financial regulation and supervision. The
authors have attempted to conceive a practical guide, with
the purpose of resolving strategic and operational
supervisory issues. They cover the entire spectrum of
supervision, ranging from supervision objectives to the
design and carrying out of onsite and offsite inspection
programs, and from cooperation with other domestic and
international AML/CFT authorities to sanctions and
enforcement. The international community recognizes that
under-regulated or unsupervised entities have the potential
to undermine confidence in financial markets and hamper
economic recovery. Better transparency, enhanced oversight,
and stronger cross border cooperation among regulators and
supervisors in all areas of risks, including money
laundering and terrorist financing, are necessary to ensure
that financial institutions always remain sound,
sustainable, and vigilant. This task is even greater during
difficult times.
Civil law remedies are a credible and effective tool for countries interested in recovering stolen assets -- both when criminal procedures are unlikely to yield a result or in addition to such ...measures. They do not replace criminal prosecutions and confiscation but they complement them by attacking the economic base of corrupt activities and by focusing on victims' interests. While common law offers a wider array of options to exercise proprietary claims on stolen assets, for personal claims both common and civil law systems offer reasonably similar avenues. Jurisdictions should consider increasing their use of legislation and legal concepts dealing with civil measures to recover profits obtained and damages suffered as a result of corrupt activities. Recent success stories involving private civil proceedings illustrate how such a strategic use and combination of available tools can boost asset recovery efforts. PUBLICATION ABSTRACT
Figures van der Does de Willebois, Emile; Bökkerink, Maud; Chatain, Pierre-Laurent
Preventing Money Laundering and Terrorist Financing, Second Edition,
2022
Book Chapter
Boxes van der Does de Willebois, Emile; Bökkerink, Maud; Chatain, Pierre-Laurent
Preventing Money Laundering and Terrorist Financing, Second Edition,
2022
Book Chapter
National and International Supervisory Cooperation van der Does de Willebois, Emile; Bökkerink, Maud; Chatain, Pierre-Laurent
Preventing Money Laundering and Terrorist Financing, Second Edition,
2022
Book Chapter
