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Vol 23 No 5 May/June 2018

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A Model of Best Practice for Combating Money Laundering in the Financial Sector

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ISBN13: 9780850926460
ISBN: 0850926467
Published: January 2001
Publisher: Commonwealth Secretariat
Format: Paperback
Price: Out of print

Internet financial services is a rapidly changing field. The new technologies available to facilitate criminal activities make it imperative that more sophisticated means of combating money laundering are developed. This manual addresses issues such as; the interface with the parallel economy; grand corruption and diverted aid funds; fiscal offences and exchange control violations. Additionally, it reviews anti-money laundering developments in the four strategic geographical areas of influence within the Commonwealth - Africa, Australia, the Caribbean and the UK. It examines the developments in international standards since 1996 in various fora, for example the OECD convention on Combating Bribery of Foreign Public Officials and the OECD re unfair tax competition.

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Section I Global issues, strategies and standards: background and introduction; money laundering - the need for action and the benefits to be obtained; development of international initiatives and standards; establishing international and regional co-operation. Section II National issues and strategies: developing national strategies; criminalizing money laundering; setting financial sector obligations; processing reports, investigation, prosecution and confiscation. Section III Internal controls, policies and procedures; establishing know-your-customer procedures; recognition and reporting of suspicions; retention of records; awareness raising and training. Appendices: the Basle statement of principles, the FATF recommendations and the CFATF Aruba recommendations; members of the financial action task force and affiliated regional groups; financial action task force - criteria defining non co-operative countries or territories; money laundering typologies and cases; examples of potentially suspicious transactions; statement of purpose of the Egmont group of financial intelligence units (Madrid, 24 June 1997); financial action task force guidelines - providing feedback to reporting institutions and other persons.