A Comparative Guide To Anti-Money Laundering: A Critical - download pdf or read online

By Mark Pieth

ISBN-10: 1843766736

ISBN-13: 9781843766735

ISBN-10: 1845421612

ISBN-13: 9781845421618

The entire significant monetary centres have skilled an increase in anti-money laundering ideas and rules. at the beginning, anti-money laundering legislation have been used as a weapon within the struggle on medications, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors display, have had severe effects for banks and different monetary associations - affecting not just revenue margins but additionally the way enterprise is performed. Topical and pertinent concerns addressed during this booklet contain questions reminiscent of, has the entire fresh legislative job relatively positioned a cease to the matter? Are the foreign ideas being applied as conscientiously as they need to? How point is the taking part in box in pass border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, move border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and america. Going past the simply descriptive, there are comparative analyses of those international locations opposed to current foreign criteria - with illuminating effects. This new e-book is filled with unique perception and research and should be a useful source for attorneys, either scholarly and practitioner established, with an curiosity in fiscal crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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Extra info for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA

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The main section of the text, however, spells out, in a detailed manner for the first time, rules on customer identification. It distinguishes specifically between regular customers and over-the-counter transactions, with information on how to treat domiciliary companies; develops the notion of ‘beneficial ownership’ and defines to what extent banks may rely on identification conducted by other financial institutions (banks or introducers). 21 Although there was no explicit link at the time of the first CDB to preventing ill-gotten gains from entering the financial sector, this aspect rapidly gained significance both nationally and internationally.

Its two main suggestions, routine reporting of cash transactions and the control of wire transfers, were turned down at the time. Although France had a certain sympathy for the US suspicion of cash (France’s retail business was already extensively electronified), it sided with Germany, the UK and Japan, to dissuade routine reporting. The Europeans managed to persuade the USA to give preference to a suspicious transaction reporting approach, based on red flags, and a model concept had been developed with the Bank of England’s Guidance Notes for Banks and Building Societies.

While the IOSCO Objectives and Principles issued in 1998 emphasize market integrity as a whole, the BCBS focuses on overseeing individual companies and institutions. The IOSCO Principles also outline measures to combat financial crime and in particular money laundering. The International Association of Insurance Supervisors (IAIS)139 has followed a similar route to the BCBS in that their consolidated Insurance Core Principles issued in October 2000, cover the role of supervisors in dealing with financial fraud and money laundering.

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A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA by Mark Pieth


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