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

By Mark Pieth

The entire significant monetary centres have skilled an increase in anti-money laundering principles and rules. first and foremost, 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 severe results for banks and different monetary associations - affecting not just revenue margins but in addition the best way company is carried out. Topical and pertinent matters addressed during this ebook comprise questions akin to, has all of the fresh legislative job fairly positioned a cease to the matter? Are the overseas ideas being carried out as rigorously as they need to? How point is the enjoying box in pass border banking? The regimes and implementation of anti-money laundering legislation and rules of 4 significant, pass border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and the united states. Going past the only descriptive, there are comparative analyses of those nations opposed to current overseas criteria - with illuminating effects. This new ebook is filled with unique perception and research and may be a useful source for attorneys, 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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Additional resources for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA

Sample text

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. While it is relatively easy to hit at NCCTs, especially the ‘Liechtensteins’ and the ‘Vanuatus’, it is far more challenging to actually make the AML systems effective in the large financial centres.

The fact that breaches of the code carry a private sanction of up to 10 million Swiss francs, adjudicated by a special private tribunal, adds to its credibility. In substance, the CDB prohibits active encouragement of tax evasion. 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).

45 Following the introduction of the concept of suspicious transaction reporting, it was recognized at an early stage that ‘information exchange’ between both domestic and foreign special governmental agencies commonly referred to as ‘financial intelligence units’ or ‘FIUs’ was crucial to guarantee the effectiveness of AML systems. A number of FIUs started working together on an informal basis in 1995; the Egmont Group as it became known, aimed to provide a forum for FIUs to improve support to their respective national AML programmes by developing a more effective co-operation with the main focus on the areas of (systematic and standardized) information exchange and sharing of expertise.

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