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. at the start, anti-money laundering legislation have been used as a weapon within the conflict on medications, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors show, have had critical results for banks and different monetary associations - affecting not just revenue margins but additionally the best way company is performed. Topical and pertinent concerns addressed during this publication comprise questions corresponding to, has all of the contemporary legislative job fairly placed a cease to the matter? Are the overseas principles being applied as conscientiously as they need to? How point is the enjoying box in move border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, move border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and america. Going past the basically descriptive, there are comparative analyses of those international locations opposed to current overseas criteria - with illuminating effects. This new e-book is stuffed with unique perception and research and should be a useful source for attorneys, either scholarly and practitioner established, with an curiosity in financial crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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This is essentially a technical assistance programme in relation to criminal investigations and together with Interpol this agency maintains an automated compendium of information on the status of legislation and law enforcement in different countries known as the International Money Laundering Information Network (IMoLIN). 49 The purpose of the Convention is to ‘promote co-operation to prevent and combat organized crime more effectively’. The Convention establishes four specific crimes to combat areas of criminality which are used in support of transnational organized crime activities: participation in organized criminal groups, money laundering, corruption and obstruction of justice.

8–22) • Additional rules on the supervision of the financial sector pertaining specifically to the prevention of money laundering (Rec. 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.

This list of topics shows how criminal and regulatory law standards, developed in different contexts and by very different organizations, have now merged. International standards against money laundering 11 3 Recommendations, peer process and monitoring The ‘Forty Recommendations’ would have remained just another document, had the FATF not created a strict monitoring mechanism based on peer pressure. 29 It suddenly made frequently belittled ‘soft law’ a viable option for developing standards of collective governance, especially in a framework where agreement on binding law would be very difficult to reach with a larger group of participants.

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