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ANTI-MONEY LAUNDERING

VIEWS: 32 PAGES: 9

									International
   Banking
      &
  Securities
 Regulation
                Under the supervision of Professor Jorge Guira
            What is money-laundering?
   Trying to turn money raised through
    criminal activity into ‘clean’ money
    (classic)
   Handling the benefit of acquisitive crimes
    such as theft, fraud and tax evasion
   Handling stolen goods
   Being directly involved with any criminal
    or terrorist property, or entering into
    arrangements to facilitate the laundering of
    criminal or terrorist property
   Criminals investing the proceeds of their
    crimes in the whole range of financial
    products                                       < Dec. 18, 1989 >
                 (Joint Money Laundering Group)
Illustrations of
            Money-Laundering
   Confiscation & forfeiture of criminally derived proceeds

   Drugs Trafficking

   Terrorism

   Fraud

   Embezzlement

   Arms trade
< Taken from http://www.unodc.org/unodc/money_laundering_cycle.html on 22 Feb 2007 >
Database – Links

Regulatory Bodies
 Government Units

 International Institutions




                                            Sources
            Legal Articles
            Bank Reports

            Journals and Research Centre Reports
Database - Articles

    Reports and White Papers

    Bank Authority Comments

    Academic Essays and Papers

    News Articles
                            Top 10 Web Links
1    UK - National Crime Intelligence Service, intelligence team set up to pass information on money laundering                  www.ncis.co.uk

2    UN International Money Laundering                                                                                           www.imolin.org/imolin

     FAFT GAFI - The Financial Action Task Force (FATF) is an inter-governmental body whose purpose is the
     development and promotion of national and international policies to combat money laundering & terrorist                     www.fatf-gafi.org/pages/
3    financing. The FATF is therefore a "policy-making body" created in 1989 that works to generate the necessary                0,2987,
     political will to bring about legislative and regulatory reforms in these areas. The FATF has published 40 + 9              en_32250379_32235720_1_1_1_1_1,00.html
     Recommendations in order to meet this objective.

     Financial Crimes Enforcement Network - US official network - The mission of the Financial Crimes Enforcement
4    Network is to safeguard the financial system from the abuses of financial crime, including terrorist financing, money       www.fincen.gov
     laundering, & other illicit activity.
     FSA – Financial Services Authority – Money Laundering Publications - We are an independent body that regulates
                                                                                                                                 www.fsa.gov.uk/Pages/Library/
5    the financial services industry in the UK. We have been given a wide range of rule-making, investigatory &
                                                                                                                                 Other_publications/Money/2003/index.shtml
     enforcement powers.
     International Organisation of Securities Commission - IOSCO was born in 1983 from the transformation of its
     ancestor inter-American regional association (created in 1974) into a truly international cooperative body. Eleven
6                                                                                                                                www.iosco.org/
     securities regulatory agencies from North & South America gathered in Quito, Ecuador in April 1983 to take that
     important decision.
     Financial Stability Forum - The Financial Stability Forum (FSF) brings together senior representatives of national
     financial authorities (e.g. central banks, supervisory authorities & treasury departments), international financial
7                                                                                                                                www.fsforum.org/home/home.html
     institutions, international regulatory and supervisory groupings, committees of central bank experts & the European
     Central Bank.
     Interpol definition: 'Any act or attempted act to conceal or disguise the identity of illegally obtained proceeds so that   www.interpol.int/Public/FinancialCrime/
8
     they appear to have originated from legitimate sources'.                                                                    FOPAC/default.asp
                                                                                                                                 www.oecd.org/department/
9    Organization for Economic Co-operation and Development (OECD): fights against bribery in international business
                                                                                                                                 0,2688,en_2649_34855_1_1_1_1_1,00.html
10   EGMONT group - Links to anti-money laundering organisations all over the world.                                             www.egmontgroup.org/
                           Top 10 Articles
1    Wolfsberg Principles - Anti Money Laundering Recommendations for Private Banking                                      www.wolfsberg-principles.com/
2    2006 - FATF – OECD - Misuse of corporate vehicles - The FATF has conducted an examination of the ways in              www.fatf-gafi.org/dataoecd/30/
     which Corporate Vehicles (legal entities, including corporations, trusts, foundations and partnerships with limited   46/37627377.pdf
     liability) can be exploited for money laundering or terrorist financing purposes. The study of corporate vehicles
     found evidence of their misuse for money laundering / terrorist financing. The report identifies a number of risk
     factors and concludes that this misuse could be significantly reduced if governments have access to information
     about the beneficial owner, the source of assets, and the business objective of the company or trust.

3    A European Law Enforcement Cooperation article on the EU perspective on ML.                                           www.europol.eu.int/index.asp?page=publ_mon
                                                                                                                           eylaundering

4    The Money Laundering Cycle (placement, layering and integration)                                                      www.unodc.org/unodc/money_laundering_cycl
                                                                                                                           e.html

5    UK – FSA Handbook                                                                                                     www.fsa.gov.uk/Pages/handbook/


6    US Treasury – 2006 – Federal Financial Institutions Examinations Council: Bank Secrecy Act / Anti-Money               www.occ.treas.gov/bsa/documents/
     Laundering Examination Manual                                                                                         BSA_AML_Man_2006.pdf

7    EU - Financial Crime – directives and information                                                                     ec.europa.eu/internal_market/company/
                                                                                                                           financial-crime/index_en.htm

8    9 Special Recommendations (SR) on Terrorist Financing (TF)                                                            www.fatf-
                                                                                                                           gafi.org/document/9/0,2340,en_32250379_322
                                                                                                                           36920_34032073_1_1_1_1,00.html

9    FATF-GAFI - FATF-GAFI - The 40 Recommendations of the FATF on Money Laundering (MF)                                   www.fatf-
                                                                                                                           gafi.org/document/28/0,2340,en_32250379_32
                                                                                                                           236930_33658140_1_1_1_1,00.html#Introduct
                                                                                                                           ion

10   AML/CFT Regulation: Implications for                                                                                  www1.worldbank.org/finance/html/amlcft/docs
     Financial Service Providers that Serve Low-income People                                                              /aml_implications_complete.pdf
Credits

   Li Jie
   Yang Lie
   Linjie Li
   Ying Tan
   Aruna Mukherji
   Nilanjana Chatterji
   Ronoh Tiumising
   Pamela Ronai
   Maria

								
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