A Comparative Guide To Anti-Money Laundering: A Critical by Mark Pieth

By Mark Pieth

All of the significant monetary centres have skilled an increase in anti-money laundering ideas and rules. first and foremost, anti-money laundering legislation have been used as a weapon within the battle on medications, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had severe results for banks and different monetary associations - affecting not just revenue margins but additionally the way company is performed. Topical and pertinent concerns addressed during this e-book contain questions comparable to, has all of the fresh legislative task particularly placed a cease to the matter? Are the foreign principles being carried out as conscientiously as they need to? How point is the taking part in box in pass border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, pass border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and the united states. Going past the in simple terms descriptive, there are comparative analyses of those nations opposed to present overseas criteria - with illuminating effects. This new publication is stuffed with unique perception and research and may be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in financial crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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The main section of the text, however, spells out, in a detailed manner for the first time, rules on customer identification. It distinguishes specifically between regular customers and over-the-counter transactions, with information on how to treat domiciliary companies; develops the notion of ‘beneficial ownership’ and defines to what extent banks may rely on identification conducted by other financial institutions (banks or introducers). 21 Although there was no explicit link at the time of the first CDB to preventing ill-gotten gains from entering the financial sector, this aspect rapidly gained significance both nationally and internationally.

10 A comparative guide to anti-money laundering Switzerland once more contributed its detailed approach to KYC, contained in CDB. These rules were readily accepted by the FATF members, since they had already been introduced into the programme of the BSP in 1988. 28 With hindsight, this is the nucleus of a ‘risk-based approach’ to CDD. It allows a highly flexible attitude starting with simple and cheap routine operations in the vast majority of customer relations, especially in retail banking, progressing according to risk patterns towards a full investigation of a client’s economic background, the reasons for specific transactions and understanding the logic of complex corporate structures if need be.

The text of the Recommendation (now Rec. 1) gives the possible approaches: Either include all offences as predicates or define a threshold (be it by categories of offences or by penalties) or list them individually. The ‘glossary’ appended to the FATF 2003 gives 20 areas that as minimum need to be included as predicates. The criminal law chapter now also contains clearer rules relating to the liability of legal persons (Rec. 3) and on freezing and confiscation (Rec. 3). 4 Enlarging the scope of professions bound by the AML rules The Recommendation 8 follows up on earlier preparatory work of the FATF.

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