Money Laundering and Terrorism Financing Risks Posed by Alternative Remittance in Australia PDF Download

Author: David Rees
Publisher:
ISBN: 9781921532535
Category : Electronic funds transfers
Languages : en
Pages : 100

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Author: Paul Allan Schott
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 296

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Book Description
Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451815085
Category : Social Science
Languages : en
Pages : 203

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Book Description
Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.

Author: Mrs.Michaela Erbenova
Publisher: International Monetary Fund
ISBN: 1498336531
Category : Business & Economics
Languages : en
Pages : 42

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Book Description
This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.

Author: Mr.Samuel Munzele Maimbo
Publisher: International Monetary Fund
ISBN: 9781589062269
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.

Author: Julie Walters
Publisher:
ISBN: 9781921532818
Category : Money laundering
Languages : en
Pages : 98

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Book Description
Most developed countries across the globe have enacted to prescribe acts of money laundering and financing of terrorism, and to enable the proceeeds of crime to be recovered from offenders. Despite the normative approach taken in the FATF-GAFI recommendations, the specific legislative and procedural responses taken by individual countries have differed in many respects. Law enforcement and prosecutorial agencies need to understand the differences that exist in criminal law relating to money laundering between different countries when investigating and prosecuting illegal conduct, as conduct of this nature often entails cross-border activity requiring mutual assistance between agencies and extradition of suspects across jurisdictional borders. The countries included were the European Union (the United Kingdom, France, Germany and Belguim), Asia (the Republic of China (Taiwan), Hong Kong and Singapore), the United States and Australia.

Author: Samuel Munzele Maimbo
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 56

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Book Description
Annotation The study examines the hawala system 's operational characteristics, vulnerability to financial abuse and regulatory implications.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 9781589063495
Category : Social Science
Languages : en
Pages : 154

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Book Description
Over the past decade and beyond, the need for a modern anti-money-laundering strategy has become widely accepted internationally. Depriving criminal elements of the proceeds of their crimes has increasingly been seen as an important tool to combat drug trafficking and, more recently, as a critical element in fighting organized crime, corruption, and the financing of terrorism, and maintaining the integrity of financial markets. The first few financial intelligence units (FIUs) were established in the early 1990s in response to the need for countries to have a central agency to receive, analyze, and disseminate financial information to combat money laundering. Over the ensuing period, the number of FIUs has continued to increase, reaching 84 in 2003. This handbook responds to the need for information on FIUs. It provides references to the appropriate Financial ActionTask Force (FATF) standards wherever appropriate.

Author:
Publisher: World Bank Publications
ISBN: 0821379135
Category : Business & Economics
Languages : en
Pages : 304

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Book Description
"Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.

Author: Jihad Alwazir
Publisher: International Monetary Fund
ISBN: 1475593473
Category : Business & Economics
Languages : en
Pages : 29

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Book Description
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.