By Mark Pieth
All of the significant monetary centres have skilled an increase in anti-money laundering principles and laws. before everything, anti-money laundering legislation have been used as a weapon within the battle on medications, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had severe results for banks and different monetary associations - affecting not just revenue margins but in addition the best way enterprise is performed. Topical and pertinent concerns addressed during this publication comprise questions equivalent to, has all of the fresh legislative task fairly placed a cease to the matter? Are the foreign ideas being applied 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 laws of 4 significant, pass border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the us. Going past the in simple terms descriptive, there are comparative analyses of those international locations opposed to latest overseas criteria - with illuminating effects. This new booklet 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 info for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA
21). Ultimately, the FATF could even exclude a noncompliant country from its membership. To date, sanctioning procedures within the Group have generally been far more subtle in practice. 34 It opens up the process to the pragmatic expansionism of crime control concepts, it does not guarantee respect for the rule of law and, ultimately, the risk of hegemony is 12 A comparative guide to anti-money laundering germane to the notion of peer pressure. Insistence on the Nation State’s ways of law making is no real alternative when developing internationally co-ordinated rules as long as there is no ‘World Parliament’.
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 five main obligations for financial institutions defined in 1990 are still fundamental for the currently applicable standards: • • • • Customer identification Increased diligence in unusually large transactions Register the information on counts 1 and 2 and keep for five years Inform specialized national body in case of suspicious transactions or patterns of such transactions • Organize in-house compliance and training structure.
56 The FATF refused in 1996 to put bribery on its list of serious offences as part of its standard. In the meantime this debate has been overtaken by more recent legislative changes in Japan and Korea. The national prerogative to define what members consider a serious crime remains essential however, for those financial centres opposing the inclusion of tax fraud in the list of predicates. 2 Effects of the extended list of predicate offences It is only with hindsight that the effects of the extension of the list can be assessed.