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Author: Rafay, Abdul
Publisher: IGI Global
ISBN: 179988760X
Category : True Crime
Languages : en
Pages : 374
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Book Description
During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. The past few decades have been eventful for these issues. Today, tackling money laundering and terrorism financing are considered key issues in developed and developing countries alike. Eradication of money laundering and terrorism financing through a holistic approach of awareness, prevention, and enforcement is a current need. It has enabled the birth of new regulatory regimes based on strict compliance, robust processes, and technology. One of the many problems with this is the lack of general awareness about all these issues among various stakeholders including researchers and practitioners. Money Laundering and Terrorism Financing in Global Financial Systems deepens the discourse about money laundering, terrorism financing, and risk management in a modern-day environment. It provides a fascinating and invaluable guide for understanding the theory, practice, and cases of these topics. Split into two sections, the first being money laundering and terrorism financing and the second being financial governance and risk management, the chapters create comprehensive knowledge on these acts of crime in the financial industry by defining the crimes themselves, the many challenges and impacts, and potential solutions. This book is ideal for government officials, financial professionals, policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Author: Rafay, Abdul
Publisher: IGI Global
ISBN: 179988760X
Category : True Crime
Languages : en
Pages : 374
Get Book
Book Description
During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. The past few decades have been eventful for these issues. Today, tackling money laundering and terrorism financing are considered key issues in developed and developing countries alike. Eradication of money laundering and terrorism financing through a holistic approach of awareness, prevention, and enforcement is a current need. It has enabled the birth of new regulatory regimes based on strict compliance, robust processes, and technology. One of the many problems with this is the lack of general awareness about all these issues among various stakeholders including researchers and practitioners. Money Laundering and Terrorism Financing in Global Financial Systems deepens the discourse about money laundering, terrorism financing, and risk management in a modern-day environment. It provides a fascinating and invaluable guide for understanding the theory, practice, and cases of these topics. Split into two sections, the first being money laundering and terrorism financing and the second being financial governance and risk management, the chapters create comprehensive knowledge on these acts of crime in the financial industry by defining the crimes themselves, the many challenges and impacts, and potential solutions. This book is ideal for government officials, financial professionals, policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Author: Pierre-Laurent Chatain
Publisher: World Bank Publications
ISBN: 1464818525
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
Money laundering and terrorist financing undermine the integrity and stability of financial systems and can have a significantly adverse impact on a jurisdiction's economy. Challenges to effective supervision and prevention of money laundering and financing of terrorism were exacerbated in the aftermath of the 2008 financial crisis, with financial institutions' need for funds at times undermining vigilance as to the provenance of those funds. As such, supervisors often, and prudently, focused on coping with the crisis. Since 2009, when the first edition of this handbook was published, challenges to the integrity and stability of financial systems have continued to evolve. Money-laundering and terrorist-financing risks continue to threaten the reputations of financial institutions and entire financial sectors, exposing institutions to the possibility of severe enforcement action by public authorities or the loss of correspondent relationship facilities by their private sector counterparts. This second edition reflects the evolving challenges to the integrity and stability of financial systems, recent trends in enforcement actions by country authorities, and changes to international standards, notably an emphasis on a risk-based approach. This practical handbook supports the implementation of international standards established by the Financial Action Task Force and other bodies, * Providing examples of money-laundering and terrorist-financing supervisory frameworks in a range of countries; * Describing best practices for the supervision and enforcement of money-laundering and terrorist-financing laws and regulations; * Offering practical advice on how a particular jurisdiction might incorporate enforcement of the laws and regulations on money laundering and terrorist financing into its supervisory framework. Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.
Author: Martin S. Navias
Publisher: Oxford University Press
ISBN: 1787383571
Category : Political Science
Languages : en
Pages : 324
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Book Description
The global financial sector is increasingly vulnerable to penetration by criminal money-launderers, financiers of terrorism, and proliferators of weapons of mass destruction. At the same time, it offers instruments that can be usefully employed to pursue foreign and security policy objectives. It is thus hardly surprising that finance has emerged as an arena of intense competition, if not conflict, between those seeking to exploit or attack this vital element of state power and those tasked with defending its integrity or harnessing it for legal purposes. Navias assesses the key threats to financial systems and shows how the public and private sectors are co-operating to contain them. He analyses the main characteristics of criminal money-laundering and terrorist financing, and reviews major multilateral and national regimes locked in the perpetual battle to shore up the financial sector against these constantly evolving security challenges. He also considers the uses of finance in support of key sanctions, counter-proliferation, and arms embargo policies. Uniquely, Finance and Security views these financial threats and weapons through a security and war studies prism. It will be equally invaluable to scholars of security and international relations and to professionals working in the legal, banking and compliance professions.
Author: Donato Masciandaro
Publisher: Routledge
ISBN: 1351933469
Category : Social Science
Languages : en
Pages : 311
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Book Description
The scope for financial crime has widened with the expansion and increased integration of financial markets. Money laundering, terrorism financing and tax crime have all changed in both nature and dimension. As new technologies reduce the importance of physical proximity to major onshore financial centres so a new generation of Offshore Financial Centres (OFCs) have emerged. This accessible volume provides a deeper analysis of the economic, institutional and political features of the OFCs, in order to design the optimal international regulatory policy. Using a multidisciplinary approach with an international level of expertise, the book evaluates international policies regarding offshore countries on the basis of a systematic analysis of their characteristics.
Author: International Monetary Fund. Monetary and Financial Systems Dept.
Publisher: International Monetary Fund
ISBN: 1498331173
Category : Social Science
Languages : en
Pages : 32
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Book Description
This paper provides a summary of the IMF and the World Bank work programs on anti-money laundering and combating the financing of terrorism following the Fund and Bank Boards' decisions in March 2004 to endorse the revised FATF standard (2003 version) and methodology for the purposes of preparing ROSCs and to expand the areas of Bank/Fund responsibility to cover the revised FATF standard comprehensively. It draws lessons on what has worked well and the challenges and discusses the work program going forward.
Author: Milan Frankl
Publisher: Business Expert Press
ISBN: 1631575945
Category : Business & Economics
Languages : en
Pages : 150
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Book Description
The purpose of this book is to introduce the reader to mechanisms useful for detection and avoidance of money-laundering activities (MLAs) and terrorist financing as well as suggest improvements to existing anti-MLA methods and procedures where appropriate. Money laundering occurs in every country. The significant factor is to diagnose illegal MLAs and apply regulations to mitigate them. To meet this objective, managers of financial instituÂtions need to train their employees about anti-money-laundering proÂcesses and how to diagnose and prevent them. Anti-money-laundering activities can also affect financial systems of a country. MLAs can create a big gap between income classes. Money laundering can also decrease bank's and financial instituÂtion's credibility. This book will be of special interest to financial managers in the priÂvate and public sector and will also be a useful guide for those involved in international financial transactions.
Author: International Monetary Fund. Monetary and Financial Systems Dept.
Publisher: International Monetary Fund
ISBN: 1498331181
Category : Social Science
Languages : en
Pages : 58
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Book Description
The first part presents the findings concerning overall compliance with the revised standard and methodology and the second part compares these findings to those of assessments under the old methodology. The third part discusses interpretative and application issues and the fourth describes logistical issues based on the experience of the assessments carried out to date.
Author: Dionysios S. Demetis
Publisher: Edward Elgar Publishing
ISBN: 1849806659
Category : Law
Languages : en
Pages : 201
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Book Description
. . . a stimulating look at the hard work done in many specialisms that collectively seek to combat money laundering. Sally Ramage, The Criminal Lawyer While there is much noise about the control of money laundering, there are few whose work is able to rise above the din and in clear notes contribute in a constructive manner to the debate. This work is not only an intelligent discussion of many of the substantive issues relating to the control of money laundering, but a great deal more. Drawing on systems theory and seeing the control of money laundering particularly from the standpoint of technology as complex and integral to the proper and effective operation of financial institutions, the author addresses in a novel and practical way the design and management of risk based compliance. The theory is tested, not only in terms of viable technology, but also in an actual case study involving real issues in a bank. Consequently, those concerned with the formulation of policy, the design of controls and procedures and the implementation of such will find the contribution that this book makes of great significance. Barry Rider, Bryan Cave LLP, UK This book avoids the usual trap of interminably listing AML war stories. Instead Dr. Demetis presents a solid theoretical foundation for AML research and practice. He gives a damning critique of the way so-called technological solutions are used uncritically by some AML professionals, and analyses the risk-based approach, describing its problems and ways of avoiding them. He presents a fascinating in-depth case study of a financial institution, and a short case of a bank using technology to improve its True Positive Rate substantially to 17 per cent. Ian Angell, London School of Economics, UK Dr Demetis makes a great contribution to our understanding of anti-money laundering at both a systems and practical level. [He] writes as someone who not only thinks deeply about these issues but, as the in-depth case examples show, has tried to see how far technology can address some audacious goals. Readers will learn that while risk-based approaches to anti-money laundering have been an interesting regulatory development, practical implementation, despite the hype of technology vendors, is still at a primordial state . Michael Mainelli, Gresham College and Z/YEN Group, UK This insightful book examines the influence of information systems on anti-money laundering (AML). It builds on systems theory in order to develop a coherent theoretical framework that can be used for AML research. By using a case study of a major financial institution in the EU-area, a number of technological influences on AML are deconstructed and are used to examine the role that technology plays within AML. The book provides a systems theoretical description of the effects of technology on AML and offers considerations on the risk-based approach the most important contemporary evolution within regulatory initiatives on AML and terrorism financing. Technology and Anti-Money Laundering will appeal to researchers of financial crime and AML as well as those interested in information systems and systems theory. A number of considerations for practitioners are also discussed, including the risk-based approach and the integration of AML-technology in financial institutions, as well as an important data-mining application. Money Laundering Reporting Officers (MLROs) in financial institutions and central bankers will also find much of interest in this book.
Author: Nkechikwu Valerie Azinge-Egbiri
Publisher: Routledge
ISBN: 1000351750
Category : Business & Economics
Languages : en
Pages : 159
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Book Description
This book analytically reviews the impact of the global anti-money laundering and counter-terrorist financing (AML/CFT) framework on the compliance trajectory of a number of jurisdictions to this framework. The work begins by examining the international financial sector reform and its evolution to inculcate the global framework for AML/CFT regulations. It challenges the resulting uniform AML/CFT due to its paradoxical impact on the compliance trajectory of African countries and emerging economies (ACs/EEs). This is done through an examination of the pre-conditions for effective regulation and compliance drivers for ACs/EEs that reveals the behavioural impact of the AML/CFT standards on the bloc of countries. Through the application of agency theory, it explores the relationship between ACs/EEs on the one hand and the international financial institutions that formulate, disseminate and facilitate compliance with the global framework for AML/CFT standards on the other. The remaining chapters review empirically the compliance pressures and resulting compliance trajectory of ACs/EEs with the AML/CFT standards. The final part of the book provides a detailed explanation of the compliance challenges of ACs/EEs and the legitimacy concerns that facilitate this. This book offers a new direction on the impact of global AML/CFT standards on ACs/EEs and contributes to the understanding of the conditions under which the global standards are likely to facilitate proactive compliance within these blocs of countries. As such it will be a valuable resource for academics, researchers and policy-makers working in this area.
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.
