By Mark Pieth
The entire significant monetary centres have skilled an increase in anti-money laundering principles and rules. before everything, anti-money laundering legislation have been used as a weapon within the battle on medicinal drugs, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had severe outcomes for banks and different monetary associations - affecting not just revenue margins but additionally the best way company is carried out. Topical and pertinent matters addressed during this e-book comprise questions corresponding to, has all of the contemporary legislative job fairly positioned a cease to the matter? Are the foreign ideas being applied 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 laws of 4 significant, go border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and america. Going past the in simple terms 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 should be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in fiscal 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
5 (Reporting of suspicion). For instance, the Netherlands explicitly request ‘unusual circumstances’ to be notified to authorities, the UK and the USA have similarly early notification systems albeit using more implicit language. 70 Therefore a corresponding degree of caution has to be exercised when comparing statistics from these countries. 71 Is an ‘early warning system’ preferable or should the financial professions – rather than the police, attempt to determine the economic logic of transactions or patterns of transactions before alarming the authorities (and, in most cases, even if unintentionally, the client)?
Following a US initiative, the Cooke Committee, the Basel Committee on Banking Supervision (BCBS), made up of the then 10 leading banking supervisors and organized within the ‘Bank of International Settlements (BIS) system’, adopted the BSP on 12 December 1988. It was the first time that bank supervisors agreed internationally, in such a prominent way, on the risks of the abuse of the financial system ‘to transfer or deposit money derived from criminal activity’. From a current perspective, the text is rather basic, however it has been a crucial contribution to the creation of modern CDD rules: Clearly drawing on the Swiss CDB, as far as it relates to customer identification, giving the backbone of the ‘Know-your-customer (KYC)-principle’, namely: ‘Banks should make reasonable efforts to determine the true identity of all customers’.
16 FATF leaves the choice between a duty or the right to report open. The 1991 Directive was amended by the Directive 2001/97/EC, which extended the list of predicate offences as well as the list of activities and professions that have been shown to be vulnerable to money laundering techniques and typologies. The work of the UN continues to be concerned with narcotics, but it has also extended its work to combating money laundering. The UN Office for Drug Control and Crime Prevention (UNODCCP) is the agency responsible for the ‘Global Programme Against Money Laundering’.
A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA by Mark Pieth