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Regulatory Lapses in Monitoring Anti-Money Laundering Performance by Financial Institutions

Schwartz, Anna J.
Fonte: William E. Simon Graduate School of Business Administration, University of Rochester Publicador: William E. Simon Graduate School of Business Administration, University of Rochester
ENG
Relevância na Pesquisa
86.61%
I discuss the key new regulations that impose anti-money laundering obligations on U.S. financial institutions. These obligations have been superimposed on the performance of normal banking activities. Society has determined that national security requires banks to play a part in responding to this need, much as airlines have been given the responsibility to participate in the screening of passengers and their belongings before permitting them to board. It is useful also to consider the inordinate foreign demand for U.S. banknotes as a source of large cash deposits in U.S. banks that constitute one of the roots of the money laundering problem. In this context I shall refer to the Federal Reserve’s Extended Custodial Inventory Program although it involves only financial institutions that have accepted a contractual agreement to participate in this program, not the entire class of financial service institutions.

Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors

Chatain, Pierre-Laurent; McDowell, John; Mousset, Cedric; Schott, Paul Allan; van der Does de Willebois, Emile
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.76%
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...

Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 1. Effects on Economic Development and International Standards

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.95%
"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).

Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 2. Legal Requirements to Meet International Standards

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.94%
"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).

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
Relevância na Pesquisa
86.78%
"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).

Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 5. Domestic (Inter-agency) and International Cooperation

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.86%
"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).

Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 6. Combating the Financing of Terrorism

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.84%
"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).

Combating Money Laundering and the Financing of Terrorism - A Comprehensive Training Guide : Workbook 7. Investigating Money Laundering and Terrorist Financing

World Bank
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
86.9%
"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).

Reference Guide to Anti-Money Laundering and Combating the Financing of Terrorism : Second Edition and Supplement on Special Recommendation IX

Schott, Paul Allan
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
96.92%
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. This second edition is to serve as a single, 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 play in the process. The report is organized as follows: Part A of this Reference Guide describes the problem of money laundering and terrorist financing, their adverse consequences, and the benefits of an effective regime. It also identifies the relevant international standard-setting organizations and discusses their specific efforts and instruments that fight these activities. Part B describes the various elements that are part of a comprehensive legal and institutional framework for anti-money laundering and combating the financing of terrorism for any country. This part of the Reference Guide is a step-by-step approach to achieve compliance with international standards...

Malawi - Mutual Evaluation Report : Anti-Money Laundering and Combating the Financing of Terrorism

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Relevância na Pesquisa
96.79%
Malawi is a land-locked country. It is bordered by Zambia to the north-west, Tanzania to the north and Mozambique, which surrounds it on the east, south and west. This Report provides a detailed assessment of the Anti-Money Laundering AML/Combating the Financing of Terrorism CFT measures in place in Malawi as of May 11, 2008, two months after completion of the on-site mission. It describes analyses and makes an assessment of the measures and systems in place as of that date, and provides recommendations on how certain aspects of the system could be strengthened. This report provides a detailed assessment of the level of compliance, and provides recommendations to improve compliance with the prevailing context of Malawi. The government of Malawi has demonstrated a high level of commitment to establishing a strong AML/CFT framework. This commitment is reflected by the enactment of the Money Laundering proceeds of serious crime and Terrorist Financing act in August 2006 (ML and TF Act) and the beginnings of an implementation program. Finally...

Anti-Money Laundering and Combating the Financing of Terrorism : Republic of Uganda

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
96.89%
This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Uganda was based on the 2003 Forty Recommendations on Money Laundering and the Nine Special Recommendations on Terrorist Financing of the Financial Action Task Force (FATF) (FATF 40+9), and was prepared using the AML/CFT Methodology of 2004. During the mission, the assessment team met with officials and representatives of relevant government agencies and the private sector. This report provides a summary of the AML/CFT measures in place in Uganda as of the date of completion of the on-site the mission, February 23. 2005. After describing and analyzing those measures, it provides recommendations on how certain aspects of the system could be strengthened. It also sets out Uganda s levels of compliance with the FATF 40+9 Recommendations.

Anti-Money Laundering and Combating the Financing of Terrorism : Honduras

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
86.72%
This Report provides a summary of the level of compliance with the Financial Action Task Force, and provides recommendations to improve compliance within the prevailing context of Honduras. The views expressed in this document are those of the assessment team and do not necessarily reflect the views of the Government of Honduras or the Boards of the World Bank (WB) and International Monetary Fund (IMF). Honduras has set up a number of the fundamental components of an anti-money laundering (AML) regime, through various legislative and regulatory instruments and an institutional framework which includes law enforcement, prosecution, and supervisory bodies. While progress has been made, key changes are needed to laws and regulations in order for Honduras to have more effective money laundering and financing of terrorism regime. There is a lack of strategic direction and coordination among the participants. A focal point and coordination body needs to be established, involving senior representatives of all the entities involved in anti-money laundering and counter-terrorist financing to ensure the most effective and efficient collaboration of the initiative...

Anti-Money Laundering and Combating the Financing of Terrorism : Niger

World Bank
Fonte: GIABA and the World Bank, Washington, DC Publicador: GIABA and the World Bank, Washington, DC
EN_US
Relevância na Pesquisa
96.81%
The assessment of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime in Niger was conducted on the basis of the Forty Recommendations and the Nine Special Recommendations on the financing of terrorism drawn up in 2003 and 2001, respectively, by the Financial Action Task Force (FATF), and on the AML/CFT Methodology of 2004. The assessment was based on the laws, regulations, and other materials supplied by the national authorities of Niger, as well as the information gathered in the course of the country visit from June 16 to 27, 2008. During its visit, the assessment team met with the managers and representatives of all the relevant government agencies and the private sector The assessment was conducted by an evaluation team from the World Bank and the Intergovernmental Anti-Money Laundering Group in West Africa (GIABA). To this end, they analyzed the institutional framework, the AML/CFT laws and regulations, regulations, guidelines and other obligations, as well as regulatory or other regimes in force in Niger for combating money laundering and the financing of terrorism. The capacity...

Anti-money Laundering and Combating the Financing of Terrorism : Pakistan

World Bank
Fonte: Asia/Pacific Group on Money Laundering and World Bank Publicador: Asia/Pacific Group on Money Laundering and World Bank
EN_US
Relevância na Pesquisa
116.81%
This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of Pakistan is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), and was prepared using the AML/CFT assessment Methodology 2004, as updated in February 2008. The assessors reviewed the institutional framework, the relevant AML/CFT laws, regulations, guidelines and other requirements, and the regulatory and other systems in place to deter and punish money laundering (ML) and the financing of terrorism (FT) through financial institutions and Designated Non-Financial Businesses and Professions (DNFBP). The assessors also examined the capacity, implementation, and effectiveness of all these systems. This report provides a summary of the AML/CFT measures in place in Pakistan at the time of the mission or shortly thereafter (no later than March 26th, 2009). It describes and analyzes those measures, sets out Pakistan levels of compliance with the FATF 40+9 Recommendations...

Union of Comoros : Detailed Assessment Report of Anti-Money Laundering and Combatting the Financing of Terrorism

International Monetary Fund
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
96.77%
The assessment of the anti-money laundering and combating the financing of terrorism (AML/CFT) system of the Union of the Comoros was based on the 2003 Forty Recommendations and the 2001 Nine Special Recommendations developed by the FATF (Financial Action Task Force). It was prepared according to the 2004 AML/CFT Methodology, as updated in October 2008. The assessment was based on laws, regulations, and other documents provided by the Union of the Comoros, as well as information gathered by the assessment team during its on-site visit of May 6-20, 2009 and following the mission. During the course of its visit, the assessment team met with leaders and representatives from competent governmental agencies and the private sector. The assessment was performed by a team made up of International Monetary Fund (IMF) staff, an expert acting under the supervision of the IMF, and an expert acting under the supervision of the World Bank. The participants in this assessment were Emmanuel Mathias (LEG, mission chief)...

Arab Republic of Egypt : Detailed Assessment Report on Anti-Money Laundering and Combatting the Financing of Terrorism

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
96.79%
This assessment of the anti-money laundering (AML) and combating the financing of terrorism (CFT) regime of the Arab Republic of Egypt (Egypt) is based on the Forty Recommendations 2003 and the Nine Special Recommendations on Terrorist Financing 2001 of the Financial Action Task Force (FATF), andwas prepared using the AML/CFT assessment Methodology 2004, as updated in February 2008. The assessment team considered all the materials supplied by the authorities, the information obtained on site during their mission from 12 to 26 October 2008, and other verifiable information subsequently provided by the authorities. During the mission, the assessment team met with officials and representatives of all relevant government agencies and the private sector. A list of the bodies met is set out in Annex 1 to the detailed assessment report. The assessment was conducted by a team of assessors composed of staff of the World Bank and two experts acting under the supervision of the World Bank. The evaluation team consisted of: Latifah Merican Cheong (Team leader); Cedric Mousset (co-team leader and financial expert)...

Papua New Guinea - Anti-Money Laundering and Combating the Financing of Terrorism : Mutual Evaluation Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Other Social Protection Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
96.74%
Papua New Guinea (PNG) faces very serious risks of Money laundering (ML) from various criminal activities including domestic corruption (misappropriation of public funds), which is considered a serious problem. PNG is experiencing rapid economic growth, very large scale foreign investment and an escalating crime rate. While the Financial Intelligence Unit (FIU) is building its capacity, there is no clear political level commitment to 'follow the money' to tackle corruption and other crimes, and no demonstrated commitment to regulate and supervise AML obligations by financial sector regulators, which severely hampers the authorities ability to tackle financial aspects of corruption. Misappropriation of government funds occurs using government payments which, according to the authorities, are generally placed through the banking sector in PNG and used to purchase real estate, high-value vehicles, distributed in cash or moved offshore. This report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in PNG at the time of the mission or shortly thereafter. The report was produced by the World Bank as part of the Financial Sector Assessment Program (FSAP) of PNG.

Bolivia : Report on Observance of Standards and Codes--FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

World Bank
Fonte: Washington, DC Publicador: Washington, DC
Tipo: Economic & Sector Work :: Financial Sector Assessment Program (FSAP); Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
86.93%
This report is on the observance of standards and codes (ROSC) for the "Financial Action Task Force (FATF) 40 Recommendations for Anti-Money Laundering and 8 Special Recommendations Combating the Financing of Terrorism." Bolivia's system to prevent and suppress money laundering fulfills most of the FATF 40 recommendations and applies to the insurance, stock market, and financial sectors. However, the system does not include other activities that are susceptible to money laundering, such as currency exchange houses or money transfer agencies. This is an aspect that the authorities hope to rectify in the medium term. The institutional regulatory, supervisory, and financial intelligence responsibilities for combating money laundering are concentrated in the FIU. However, the FIU is not able to carry out on-site supervision of the financial system, and the sectoral superintendence's do not supervise compliance with anti-money laundering standards either. Moreover, there is no high-ranking authority promoting an integrated anti-money laundering policy. Instead...

Anti-Money Laundering and Combating the Financing of Terrorism : Mali

World Bank
Fonte: GIABA and the World Bank, Washington, DC Publicador: GIABA and the World Bank, Washington, DC
Tipo: Economic & Sector Work :: Other Financial Accountability Study; Economic & Sector Work
ENGLISH; EN_US
Relevância na Pesquisa
96.76%
This assessment of the Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) regime in Mali was conducted on the basis of the Forty Recommendations of 2003 and the Nine Special Recommendations on the financing of terrorism drawn up in 2003 and 2001, respectively, by the Financial Action Task Force (FATF), and on the AML-CFT Methodology of 2004. The assessment was based on the laws, regulations, and other materials supplied by community institutions (in particular the Central Bank of West African States (BCEAO), the Banking Commission of the West African Economic and Monetary Union (BC-WAEMU) and the Inter-ministerial Group for Action Against Money Laundering in West Africa (GIABA)) and by the national authorities of Mali, as well as the information gathered in the course of the country visit from February 4 to 14, 2008. During its visit, the assessment team met with the managers and representatives of all the relevant government agencies and the private sector. This report provides a summary of the AML/CFT measures in force in Mali as at the date of the on-site visit or immediately thereafter. It describes and analyzes those measures...

Improved strategies for anti-money laundering in Kosovo : [presentation given in late 2010.]; Anti-money laundering in Kosovo

Qerimi, Besart
Fonte: Rochester Instituto de Tecnologia Publicador: Rochester Instituto de Tecnologia
Tipo: Capstone Project
EN_US
Relevância na Pesquisa
86.93%
This capstone project report considers the problem of money laundering globally and in Kosovo specifically. Since 1999 in Kosovo there has been an increase of money laundering. To make sure that this problem was addressed in Kosovo the Financial Intelligence Centre (1) has been mandated to investigate and combat money laundering and the associated terrorism. This project emphasizes the definition, phase, trends, methods phases and effects of money laundering. It also explains the role of the national and international organizations and initiatives in the fight against money laundering. This project will help the Ministry of Finance and the development of the Financial Intelligence Centre to further combat money laundering in Kosovo by strengthening of relevant institutions and by promoting the furtherance of their discussions and organization consistent with international agencies. These agencies include the United Nations, the European Council, and the Financial Action Task Force. This capstone project also assesses different countries’ legislative responses for money laundering. Recommendations are provided in more detail later on in this report. They are summarized here: • Legislation is needed to criminalize money laundering according to international standards. • An online reporting system for use by the Financial Intelligence Centre in Kosovo is required to enhance money laundering reporting and detection of suspicious activities. • A committee at ministerial level should be established for the prevention of money laundering. • Anti-Money Laundering training and guidelines should be established. • A public awareness campaign related to money laundering must be promoted more rigorously.