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Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 3b. Compliance Requirements for Financial Institutions

World Bank
Fonte: World Bank Publicador: World Bank
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"Combating Money Laundering and the Financing of Terrorism: a Comprehensive Training Guide" is one of the products of the capacity enhancement program on Anti-Money Laundering and Combating the Funding of Terrorism (AML/CFT), which has been co-funded by the Governments of Sweden, Japan, Denmark, and Canada. The program offers countries the tools, skills, and knowledge to build and strengthen their institutional, legal, and regulatory frameworks to successfully implement their national action plan on these efforts. This workbook includes seven training course modules: effects on economic development and international standards (module one); legal requirements to meet international standards (module two); regulatory and institutional requirements for AML/CFT (module three a ); compliance requirements for financial institutions (module three b); building an effective financial intelligence unit (module four); domestic (interagency) and international cooperation (module five); combating the financing of terrorism(module six); and investigating money laundering and terrorist financing (module seven).

Financing of the Private Sector in Mexico, 2000-05 : Evolution, Composition, and Determinants

Stephanou, Constantinos; Munoz, Emanuel Salinas
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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36.24%
The objective of this paper is to describe the evolution, composition, and determinants of financing to the nonfinancial private sector in Mexico between 2000 and 2005. Supported by the macroeconomic environment and financial system reforms, total financing to the private sector (particularly consumer credit) increased relative to GDP, while accessibility and affordability generally improved. Equity issuance did not play an important role during the period under consideration. Although the supply of financing shifted toward domestic nonbank providers, commercial banks remain the primary source of funding. Significant progress was made in cleaning up bank loan portfolios and in strengthening financial system soundness and infrastructure. The prospects for continued private sector financing growth remain very positive, but financing is not spread out evenly across all market segments. The authors conclude with some policy implications to further facilitate deeper and broader financing of the private sector.

Mission Note Bangladesh, March 15-31, 2009

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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The Government of Bangladesh has requested the World Bank to provide further assistance to the livestock and dairy sectors. During a mission of the Sector Manager of Agriculture and Rural Development (ARD) of the South Asia region of the World Bank to Bangladesh in November 2008, the Secretary of the Ministry of Livestock and Fisheries (MOFL) of the former Caretaker Government of Bangladesh (BD) requested the Sector Manager for assistance to the development of the dairy and fisheries subsectors to support the livelihoods of the rural people and contribute to the economic growth of the country. The secretary of the MOFL also reminded the Bank of its proposal for an investment request for dairy development to the Bank sent in 2007. In response, the Bank agreed to carry out a technical mission to review the current state of the livestock sector (with special focus on the dairy sub-sector) and the fisheries sector, particularly inland fishery production (including freshwater capture and freshwater aquaculture). The mission reviewed policy...

Credit Rating Agencies in Emerging Democracies : Guardians of Fiscal Discipline?

Hanusch, Marek; Vaaler, Paul M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
36.23%
Credit rating agencies have drawn criticism for failing to anticipate and deter root causes of the 2008-2009 financial crisis in the United States. However, this paper presents evidence that credit rating agencies regularly anticipate and deter governments in emerging democracies from opportunistic borrowing and potential financial crises related to elections and the political budget cycle behavior they encourage. The paper considers a sample of 18 such countries holding 32 presidential elections from 1989 to 2004. The analysis shows that credit rating agencies induced greater fiscal discipline during election periods when governments had incentives to borrow opportunistically for short-term electoral gain. Countries with higher credit rating agency sovereign ratings borrowed less than lower-rated countries in election periods, but borrowed more in non-election periods. Credit rating agencies promoted fiscal discipline during increasingly frequent election periods in emerging democracies.

Corporate Governance Country Assessment : Slovenia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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36.23%
This report provides an assessment of the corporate governance policy framework, and enforcement and compliance practices in Slovenia. The country has already upgraded its legislation to meet European Union (EU) Directives, and, its legal and regulatory framework dealing with corporate governance issues is now comparable to that of many EU member states. Strengths and weaknesses are highlighted, and policy recommendations are made where appropriate. The major issues are driven by the continuing transformation of Slovenian companies. Ownership of smaller companies and some blue chips will likely continue to consolidate, as strategic investors, and holding companies acquire control and 100 percent ownership; investor protection in these companies will require the diligent enforcement of takeover rules. For the remaining listed companies and others that will continue to have relatively dispersed ownership, related party transaction protection, and improved periodic disclosure are important. The report recommends that policymakers: 1) require a formal approval and disclosure process for related party transactions; 2) consider methods to increase minority representation on boards; 3) require the disclosure of shareholder agreements; 4) require that the SMA review the content of public company disclosure; 5) require an audit committee of the supervisory board for listed companies; and...

Multi-Tier Targeting of Social Assistance : The Role of Intergovernmental Transfers

Alderman, Harold
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
Tipo: Artigo de Revista Científica
EN
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Albania provides a small amount of social assistance to nearly 20 percent of its population through a system that allows some community discretion in determining distribution. This study investigates how well this social assistance program is targeted to the poor. Relative to other safety net programs in low-income countries, social assistance in Albania is fairly well targeted. Nevertheless, the system is hampered by the absence of a clear, objective criterion to determine the size of the grants from the central government to communes as well as limited information that could be used to implement this criterion. Substantial gains in targeting could be achieved if the central government better allocated transfers to local governments, even holding local targeting at base levels.

Financial Policies and the Prevention of Financial Crises in Emerging Market Economies

Mishkin, Frederic S.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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36.24%
The author defines a financial crisis as a disruption in financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities. As financial markets become unable to function efficiently, economic activity sharply contracts. Factors that promote financial crises include, mainly, a deterioration in financial sector balance sheets, increases in interest rates and in uncertainty, and deterioration in nonfinancial balance sheets because of changes in asset prices. Financial policies in 12 areas could help make financial crises less likely in emerging market economies, says the author. He discusses: Prudential supervision. Accounting and disclosure requirements. Legal and judicial systems. Market-based discipline. Entry of foreign banks. Capital controls. Reduction of the role of state-owned financial institutions. Restrictions on foreign-dominated debt. The elimination of too-big-to-fail practices in the corporate sector. The proper sequencing of financial liberalization. Monetary policy and price stability. Exchange rate regimes and foreign exchange reserves. If the political will to adopt sound policies in these areas grows in emerging market economies...

Financial Sector Assessment Program - Albania : Public Debt Management

World Bank; International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
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36.24%
Government debt continues to expand, reaching over all 872 billion, approximately 62 percent of gross domestic product (GDP), as of end-September 2013. Domestic debt grew sharply in the first half of 2013, emanating largely from poor tax revenue performance, together with the accumulation of a large stock of unpaid bills and arrears. External debt creditors comprise multilaterals, bilateral creditors, and private creditors. The concentrated nature of the investor base and the high domestic debt stock limit the choices available to debt management, particularly with regards to extending the maturity of the domestic debt. Public debt management in Albania follows an organized process but will benefit from a number of technical changes. The domestic borrowing plan has been revised frequently due to unexpected flows in the treasury account. In an environment of volatile treasury balances, cash flows safety nets or minimum cash buffers should be implemented. A number of initiatives are recommended to improve the transmission of price signals in the primary market - overall this will provide incentives for secondary market development. To support the development of the secondary market the General Directorate of public debt management should modify its issuance program and focus on key maturities on the yield curve. It is suggested that the issuance program takes a small step in this direction by limiting the number of tenors and focusing on for example...

Zambia : Post-Privatization Study

Serlemitsos, John; Fusco, Harmony
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
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36.24%
The World Bank seeks to assess the effectiveness of the privatization program which was initiated in Zambia in 1992 with significant assistance from the World Bank and other donor agencies. A review of representative sample of companies was undertaken in order to assess the effect of privatization on performance. The twenty largest non-copper mining companies by purchase price, the twenty by current assets at time of privatization, and a remaining sample of smaller companies were chosen for the study. The indicator most consistently reported by companies was turnover. This indicator was chosen as the most reliable available gauge for analysis of performance. Typically smaller and less export-oriented - the initial benefits of privatization have been difficult to sustain, and performance has faltered after the initial two years. Although recent performance has been better than in the immediate pre-privatization period, turnover among most companies has never recovered in real terms to early 1990 levels. Difficulty in sustaining the net benefits of privatization can also be attributed to a suboptimal domestic and regional environment for private sector growth. Greater attention to these constraints within the domestic and regional environment is warranted in future World Bank assistance strategies...

Corporate Governance Country Assessment : Malawi

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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36.24%
This ROSC assessment of corporate governance in Malawi benchmarks law and practice against the Organization for Economic Cooperation and Development (OECD) Principles of Corporate Governance and covers public interest entities (including public limited companies, financial institutions, and parastatal companies) with special focus on the companies listed on the MSE. This report should be read in conjunction with the Accounting and Auditing ROSC Malawi, which reviews issues related to accounting, auditing, and financial reporting in more detail. Growth in 2006 has been estimated at 6.5 percent. Inflation and bank lending rates have declined significantly over the past few years. Malawi qualified for debt relief under the World Bank s Heavily Indebted Poor Countries (HIPC) initiative in 2006. The business environment has improved, and the private sector is optimistic about the future; the Malawi Business Survey 2006 conducted by the Malawi Confederation of the Chambers of Commerce and Industry (MCCI) rated the business environment good to very good with better expectations in the next 12 months. The Malawi Growth and Development Strategy (MGDS) 2006-2011 sets a future growth target of more than 6 percent annually for the five-year period...

Armenia : A Cloudy Outlook

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
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Economic growth slowed to 3.5 percent in 2013 and 2.7 percent year-on-year in the first half of 2014. The slowdown is the result of a number of factors such as slackening foreign direct investment (FDI), dependence on a limited number of commodity exports, and a difficult external economic environment. Consumer lending and remittances continued to support private consumption, but under-execution of government spending suppressed aggregate demand. On the supply side, the mining and energy sectors performed particularly badly, offsetting positive developments in manufacturing. Year-on-year inflation reached close to zero in August 2014, following a long decline since energy price increases caused it to flare up in July 2013. Twelve-month inflation slowed to 0.8 percent in August, well below the central bank s 2.5 5.5 percent target range. The decline came despite new electricity price increases in the same month. On the whole, second-round price pressures were minimal. Core inflation, excluding prices for food and fuel...

Bridging the Development Gap

World Bank; ASEAN
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Relatório
EN_US
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36.24%
Since the Asian Financial Crisis in the late 1990s and through the Global Financial Crisis of the last decade, commendable progress has been made by the member states of the Association of South East Asian Nations (ASEAN) in improving economic and human development outcomes both within each country and across countries. Since 1997, the economies of the poorest countries in the ASEAN, Cambodia, Lao PDR, Myanmar and Vietnam, have generally grown faster than the richer economies, which has reduced gaps in per capita incomes. Overall, child mortality rates have been cut by two-thirds across the ASEAN. And significant reductions have occurred even in some of the poorer member countries such as Cambodia and Lao PDR. However, this report The ASEAN Equitable Development Monitor (henceforth referred to as The Monitor), also shows that much remains to be done to ensure that the poorest members of the ASEAN community, within countries and across countries, are not left behind as the countries of the ASEAN integrate further. In both policies and development outcomes...

Lebanon Economic Monitor, Spring 2015

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
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36.24%
The Lebanon Economic Monitor provides an update on key economic developments and policies over the past six months. It also presents findings from recent World Bank work on Lebanon. It places them in a longer-term and global context, and assesses the implications of these developments and other changes in policy on the outlook for Lebanon. Lebanon continues to be impacted by the domestic political stalemate and regional turmoil, particularly along its border with Syria. Economic activity picked up in the second half of 2014. Stronger economic performance and lower oil prices pushed real GDP growth to an estimated 2.0 percent in 2014, compared to 0.9 percent in 2013. One-off cosmetic and unsustainable measures rather than policy actions helped improve the fiscal balance in 2014. We estimate the overall fiscal deficit to have declined by 2.3 percentage points. Declining imports lead an improvement in the current account balance. In 2014, a fall in merchandize imports induced a 4.4 pp reduction in the current account deficit to a still-elevated 22.2 percent of GDP. This trend is projected to continue in 2015 helped by falling oil prices and a depreciating euro...

Bosnia and Herzegovina Financial Sector Assessment

World Bank; International Monetary Fund
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Relatório
EN_US
Relevância na Pesquisa
36.24%
Bosnia and Herzegovina (BiH) is still dealing with the aftershocks of the global financial crisis that have weakened financial sector asset quality and profitability. System-wide solvency and liquidity indicators appear broadly sound, but significant pockets of vulnerability exist among domestically-owned banks. Banking and insurance oversight have improved since the 2006 financial sector assessment program (FSAP), but a number of important shortcomings in some segments remain. Decisive and immediate actions to deal with weak banks are critical for preserving financial stability. The legal framework governing creditor and debtor relationships is comprehensive, however neither debt resolution, businesses reorganization, nor bankruptcy liquidation work effectively. The financial reporting framework has improved recently and is substantially aligned with the acquis communautaire and harmonized between the two entities. Governance processes of state-owned banks reveal a number of concerns. There is a need to further strengthen the supervisory board selection process and internal audit functions of state banks. The Development Bank of the Federation of BiH is only partially supervised by the Banking Agency of the Federation of BiH (FBA). Specific strategies and exit plans for the Republika Srpska (RS) government’s support of the financial sector are undefined.

Bangladesh

Kojo, Naoko C.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
36.23%
The overall fiscal position of Bangladesh looks sustainable, but there are concerns that the country may be trapped in a low revenue-low capital spending equilibrium, which is holding back Bangladesh’s growth potential. Eliminating wasteful spending and halting fiscal drains through inefficient non-financial public corporations (NFPCs) are important ways to create fiscal space, particularly in the area of infrastructure. This paper reviews the financial performance of the NFPC sector in Bangladesh, with a specific focus on two major loss-making firms: Bangladesh Petroleum Corporation (BPC) and Power Development Board (PDB). The objective of this paper is to update the Bank’s knowledge on the financial performance of the NFPC sector and estimate the fiscal costs emanating from the sector.

MIGA 2008 Annual Report

Multilateral Investment Guarantee Agency
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN
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36.24%
During fiscal year 2008, the Bank Group committed $38.2 billion in loans, grants, equity investments and guarantees to its members and to private businesses in member countries, an increase of $3.9 billion (11.4 percent) from fiscal year 2007. The World Bank, comprising International Development Association (IDA) and International Bank for Reconstruction and Development (IBRD), committed $24.7 billion in loans and grants to its member countries. IDA commitments to the world's poorest countries were $11.2 billion, five percent lower than the previous year. IBRD commitments in fiscal 2008 totaled $13.5 billion, five percent higher than the previous year. International Finance Corporation (IFC) committed $11.4 billion and mobilized an additional $4.8 billion for private sector investments in developing countries, more than 40 percent of which were in IDA eligible countries. Multilateral Investment Guarantee Agency (MIGA) issued close to $2.1 billion in guarantees in support of investments in the developing world, an increase of $730 million over 2007. Of the total, $689.6 million went to IDA-eligible countries. This year, MIGA's operating income was $55 million, compared with $49 million in FY07. The increase of $6 million was due to an increase in net premium income and investment income and a decrease in the agency's administrative expenses. FY08 net income increased by $3.4 million compared to FY07...

Can The Unsophisticated Market Provide Discipline?

Caprio, Gerard; Honohan, Patrick
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.24%
The authors question the widespread belief that market discipline on banks cannot be effective in less developed financial environments. There is no systematic tendency for low-income countries to lack the prerequisites for market discipline. Offsetting factors to the weaker market and formal information infrastructures are (1) the less complex character of banking business in low-income countries; (2) the growing internationalization of these markets through the presence of foreign banks, and through international trading of the debt and equity of locally-controlled non-government banks; and (3) the smaller size of the business and financial community. However, continuing dominance by public sector banks in some countries limits the likely development of market monitoring, which is clearly a cause for concern, given the disappointing record of governments around the world as monitors of their self-owned banks. Countries should build on this potential for market discipline by limiting the role of explicit deposit guarantees...

Kazakhstan : Short-Term Vulnerabilities, Positive Prospects

World Bank
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling
ENGLISH; EN_US
Relevância na Pesquisa
36.24%
This economic update is structured as follows: section A describes the recent economic developments, with a focus on emerged imbalances in the external accounts, which led to growing depreciation expectations and resulted in the one-off tenge devaluation in early 2014. Section B provides an overview of recent macroeconomic policies and the government's forward-looking vision of moving toward a diversified knowledge-based economy by improving the country's endowments. Section C outlines the medium-term economic prospects for Kazakhstan, which is expected to benefit from the global economic recovery, but face risks, both external and domestic. Section D discusses possible short- to medium-term impacts of the devaluation on the economy and suggests a set of policy measures to mitigate inflationary pressures.

Sovereign Wealth Funds and Long-Term Development Finance : Risks and Opportunities

Gelb, Alan; Tordo, Silvana; Halland, Havard; Arfaa, Noora; Smith, Gregory
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
36.24%
Sovereign wealth funds represent a large and growing pool of savings. An increasing number of these funds are owned by natural resource exporting countries and have a variety of objectives, including intergenerational equity and macroeconomic stabilization. Traditionally, these funds have invested in external assets, especially securities traded in major markets. But the persistent infrastructure financing gap in developing countries has motivated some governments to encourage their sovereign wealth funds to invest domestically. This paper proposes some basic elements of a conceptual framework to create a system of checks and balances to help ensure that the sovereign wealth funds do not undermine macroeconomic management or become a vehicle for politically driven "investments." First, the risks and opportunities of domestic investment by sovereign wealth funds are analyzed. Central issues are the relationship of sovereign wealth fund financing to the budget process and to the procurement systems of sector ministries...

Bangladesh Development Update, April 2014

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Economic Updates and Modeling
ENGLISH; EN_US
Relevância na Pesquisa
36.24%
Bangladesh moved closer to achieving the sixth five year plan target of reducing extreme poverty to 22.5 percent by 2015 as it sustained healthy gross domestic product (GDP) growth and moderate single digit inflation in FY2014. However, growth this year slowed relative to last year with declining remittances and losses due to political turmoil. Sound macroeconomic management kept inflation in check, although it increased somewhat due to the one-off effects of supply disruptions and wage increases. Official foreign exchange reserves increased to an adequate level as Bangladesh Bank intervened to keep the exchange rate stable. Weak demand for credit reduced interest rates. Monetary policy remained prudent while fiscal management challenged by shortfall in tax revenue, demand for support from sectors adversely affected by the political turmoil, and under-utilization of development budget. The fund's extended credit facility (ECF) is on track. Immediate challenges are to boost investments in power and roads; manage the transition in readymade garments; and stem the decline in remittances.