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 laws. in the beginning, anti-money laundering legislation have been used as a weapon within the warfare on medicinal drugs, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors demonstrate, have had critical outcomes for banks and different monetary associations - affecting not just revenue margins but in addition the best way company is carried out. Topical and pertinent concerns addressed during this booklet contain questions equivalent to, has all of the contemporary legislative job fairly positioned a cease to the matter? Are the foreign ideas being carried out as rigorously as they need to? How point is the taking part in box in go border banking? The regimes and implementation of anti-money laundering legislation and rules of 4 significant, move border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the us. Going past the only descriptive, there are comparative analyses of those international locations opposed to current overseas criteria - with illuminating effects. This new booklet is stuffed with unique perception and research and should be a useful source for legal professionals, either scholarly and practitioner established, with an curiosity in monetary crime in addition to policymakers and compliance officials inside banks and different monetary associations.

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112 Even if this text – as a private agreement – is not in the same league with the intergovernmental instruments, it has greatly contributed to the discussion on CDD; the participant banks are pledging to live up to their standards on a world-wide basis in all their subsidiaries, including those in International standards against money laundering 25 OFCs. 113 This instrument (similar to the BCBS-text) does not have a separate enforcement mechanism. 116 The recent contributions on CDD by these institutions and organizations are a reflection of a more general discourse, which reflects the unease at the somewhat exclusive focus of FATF on the non-co-operative outsiders117 in the past.

8–22) • Additional rules on the supervision of the financial sector pertaining specifically to the prevention of money laundering (Rec. 26–29) • Rules on international co-operation of authorities (Rec. 30–40). It will be noted that the rules initially applied only to banks and were then gradually extended to ‘Non-Banking Financial Institutions’ (NBFIs) and ‘Non-Financial Institutions’ (NFIs), a process driven by interpretative notes and ultimately, the revisions of the Recommendations in 1996 and 2003, recognizing the fact that money launderers were increasingly making use of non-banks for their purposes.

The three organizations are developing a common methodology to harmonize mutual evaluations world-wide. 53 The enlargement of the scope of offences had already been heralded in a cautious manner in the 1990 Recommendations by the FATF;54 the next steps were taken by the Council of Europe as early as 1990, when its definition of money laundering in Art. 6 broke away from the confines of the Vienna Convention: The legal definition of predicate offence according to Art. 1(e) refers to ‘any criminal offence’, whereas Art.

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