The paper presents the money laundering and terrorist financing prevention system in Croatia. The basic concepts are defined, the principles and fundamentals of international regulations analysed, ...and the regulatory system in Croatia covered by statute and money laundering prevention Regulations is presented, in conjunction with a description of the organisation, remit and international actions of the Money Laundering Prevention Office.
The infiltration of dirty money is a crucial problem from national economies. The purchase of shares, of real estate, the establishment of dirty investment funds and the use of the banking system for the embedding of such resources is a danger to the credibility of a whole country, and in particular to the security of the financial and banking
system. Croatia has adopted statutory measures aimed at the effective detection and prevention of suspicious financial transactions, in other words the prevention of money laundering.
Launderers constantly find new ways, make use of new non-financial channels and expand their activities to real estate, artworks and insurance. Hence it is necessary to keep up with European approaches and recommendations, to strive for further improvement of the laws and the modernisation of the system, and to adopt new regulations harmonised with international standards, particularly with Directive 2005/60/EC.
The financial means of international terror and organized crime organizations are analysed. First, some short remarks about the organization of international terror organizations are made. Second and ...in a much more detailed way a literature review is provided about the financing of terrorist and organized crime organizations, their sources and the various methods they use. Third, an attempt is made to estimate the financial means of terror organizations with the help of a latent estimation approach (MIMIC procedure). The figures show that Al Qaeda and other terror organizations have sufficient financial means. Fourth, some remarks are made about the negative effects of terror on the economy in highly developed countries and some strategies are presented to combat (the financing) of terrorism.
Research project on ways to improve Latin American immigrants¿ access to the U.S. banking system focused on access issues related to recent Latin American immigrants and particular attention to best ...practices in account opening procedures and providing remittance Products. Research also includes an Anti-Money Laundering and Terrorist Financing section on their integral relationship to banks and credit unions¿ ability to successfully serve the Latin American immigrant market.
This paper outlines elements of demand for financial services among recent Latino immigrants, summarizes key factors contributing to their financial segregation, and describes products, services and ...administrative practices that have been used successfully by depository institutions. Throughout the research and paper particular attention has been paid to the New England region.
This chapter provides an explanation for why the terrorist banking case of Linde et al. v. Arab Bank, PLC has captured the attention of so many journalists, legal scholars, financers, jurists, and ...others who are interested in combating terrorist finance. It also provides readers with a chronological list of some of the key historical events that impacted the legal trajectory of these cases, and it explains how a postcolonial approach allows readers to see some of the rhetorical and ideological features of these disputes that are usually missed in more formalistic or positivist studies of terrorist finance.
In the first part of the study, published in the "Financial Audit" journal, no. 9/2011, certain issues of terrorism financing were debated, as well as some important provisions of the internal and ...international standards in the field, related to the "management" and fight against the terrorism financing phenomenon. In this part of the study, the risks related to terrorism financing will be highlighted, accompanied by certain practical type conclusions for the financial-accounting professionals. PUBLICATION ABSTRACT
During the last decade, the globalization trends allowed to terrorist groups in maintaining an efficient financial infrastructure and to infiltrate and control international financial systems. The ...Hawala system is an informal traditional method of funds transfer, frequently used by terrorists. It offers the advantage of anonymity, the transactions being performed based only on verbal agreements between the Hawala agent and the beneficiary of this service, without existence of documents to prove its performance. Similarly, non-profit organizations can be used for raising funds for terrorism purposes, being a vulnerable segment by its intensive use of cash and possibility to a fast currency exchange. On the same time, due to the development level of the international financial structure, electronic transactions may be performed anywhere in the world, in an extremely short period of time, operating with "megabyte money". Due to the integration of capital markets and fast currency exchange, perpetrators can reinvest immediately dirty money in businesses for having a legal justification and can direct the funds, by multiple transactions, to recipients hard to be identified for these reasons. Cash couriers are situated in the opposite pole to these transactions. The cross-border transport of cash of bearer negotiable instruments is a mechanism used or controlled especially by the organized crime groups, where the values reach destination by avoiding the traditional financial system. PUBLICATION ABSTRACT
Taking into account the fact that, according to the legislation in force, one of the financial auditor's attributions is to detect the suspicious transactions and the possibility that a client ...company may be involved in money laundering and / or terrorism financing, this paper intends to underline the importance, the benefits but also the challenges of the risk based approach in this field and to point out some theoretical and practical aspects directly connected with this kind of approach. Thus, the main idea of this research study is focused on the fact that risk based approach assumes the necessity that financial auditors identify and evaluate the potential risks of money laundering and / or terrorism financing generated by their clients and by the transactions they are performing. One of the most important benefits of the risk based approach consists in avoiding to allot unnecessary resources for low risk cases. Accordingly, the measures to prevent and combat money laundering will obviously be proportional with the identified risks. Another significant aspect consists in the necessity that the optimal risk rating to be assigned to a client should be the result of the logical addition of several aspects.
Opmerkingen over civielrechtelijke en deontologische implicaties van de Wet ter voorkoming van witwassen en financieren van terrorisme, voor de beroepsuitoefening van de Notaris.
