Overview

The Commonwealth has been in the forefront of international efforts to combat money laundering and terrorist financing, particularly through supporting its developing member countries to implement comprehensive Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) systems that comply with global standards. The first edition of this book was published in 2005, and this second edition now includes additional information on understanding how terrorism is financed. The book incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations. The manual will be of great use to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop viable AML/CFT systems. The publication is divided into three main parts: the first deals with global issues, the second with national issues and in particular, national strategy formulation; and the third with financial and professional sector procedures.

Full Product Details

Author:   Commonwealth Secretariat ,  Commonwealth Secretariat
Publisher:   Commonwealth Secretariat
Imprint:   Commonwealth Secretariat
Edition:   2nd edition
Dimensions:   Width: 16.50cm , Height: 1.40cm , Length: 24.00cm
Weight:   0.431kg
ISBN:  

9780850928426

ISBN 10:   0850928427
Pages:   204
Publication Date:   01 August 2006
Audience:   General/trade ,  Professional and scholarly ,  General ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand  
We will order this item for you from a manufactured on demand supplier.

Table of Contents

Preface to the First Edition Preface to the Second Edition PART I Global Issues, Strategies and Standards 1. Background and Information 1.1 A Global Problem and Global Solutions 1.2 Development of Commonwealth Anti-Money Laundering Strategies and Policies 1.3 Purpose, Objectives and Status of the Model of Best Practice 1.4 How to Use the Model of Best Practice 2. Money Laundering: The Need for Action and the Benefits to be Obtained 2.1 What is Money Laundering? 2.2 Why Take Action 2.3 The Importance of Regional and National Initiatives: The Link to Economic Development and International Recognition 2.4 The Money Laundering Process 2.5 Basic Principles of Money Laundering Prevention 2.6 The Benefits of Reduced Vulnerability 3. Understanding How Terrorism is Financed 3.1 What is Terrorism? 3.2 Characteristics of Terrorist Financing 3.3 Sources of Terrorist Financing 3.4 Laundering of Terrorist-related Funds 3.5 Recognising Terrorist Financing 3.6 Sanctions and Sources of Information 4 Development of International Initiatives and Standards 4.1 Establishing the International Initiatives 4.2 Enhanced International Financial Regulation 4.3 The International Monetary Fund 4.4 Action Against Non-co-operative Countries and Territories 5 Establishing International and Regional Co-operation 5.1 Co-operation between Governments 5.2 Co-operation through Regional Bodies PART II National Issues and Strategies 6 Developing National Strategies 6.1 The Basis of Successful Anti-Money Laundering Strategies 6.2 Recognising Issues of US Extra-territoriality 6.3 Developing Strategies for Offshore Financial Centres 6.4 Establishing Co-operation and a 'Partnership Approach' 6.5 The Development of Policies 6.6 Identifying High-risk Business 6.7 Identifying the Risks and Requirements for E-commerce and Internet Financial Services 6.8 Managing the Displacement Factors: Parallel Economies, Underground Banking and Alternative Remittance Systems 6.9 Increasing Public Awareness 7 Criminalising Money Laundering 7.1 Scope of the Criminal Offence of Money Laundering 7.2 The Elements of the Vienna Convention 7.3 The Elements of the Palermo Convention 7.4 The Commonwealth Model Law 7.5 The Inclusion of Economic Crimes within Money Laundering Offences 7.6 Bribery and Corruption 7.7 Secrecy versus Confidentiality 7.8 Implementing a Requirement to Report Knowledge/Suspicion of Money Laundering 8 Setting Obligations for the Financial Sector, the Professions and Other Designated Businesses 8.1 General Requirements 8.2 Defining the Scope of Financial Sector Activities 8.3 Determining the Scope and Vulnerability of Non-financial Sector Businesses and Professions 8.4 Regulations for Financial Institutions, Professions and Other Designated Businesses 8.5 The Role of the Supervisory Authorities 8.6 Establishing Partnership and Commitment 9 Processing Reports, Investigation, Prosecution and Confiscation 9.1 Establishing a Central Reporting Agency 9.2 Processing Reports 9.3 Investigating Reports 9.4 Establishing Confidentiality and Controls 9.5 Obtaining Evidence for Use in Investigations 9.6 Providing Feedback from the Investigating Agency 9.7 Compilation of Statistics and Trends 9.8 Powers to Trace, Freeze and Confiscate the Proceeds of Crime PART III Financial and Professional Sector Procedures 10 Internal Controls, Policies and Procedures 10.1 Duty to Establish Policies and Procedures 10.2 The Need to Tailor Policies and Procedures 10.3 Appointment of Money Laundering Reporting Officer 10.4 The Objectives of a Compliance Policy 10.5 Compliance Monitoring and Auditing 10.6 Communication of Policies to Staff 10.7 Group Policies 11 Establishing Customer Due Diligence Procedures 11.1 'Know Your Customer' - The Basis for Recognition and Reporting 11.2 The Duty to Verify Identity 11.3 Establishing Identity 11.4 Introduced Business: Reliance Between Regulated Institutions 11.5 Knowing the Customer's Business 12 Recognition and Reporting of Suspicions 12.1 Compulsory Transaction Reporting 12.2 The Obligation to Report Knowledge or Suspicion of Money Laundering 12.3 'Know Your Customer': The Basis for Recognising Suspicions 12.4 Reporting Suspicions 12.5 The Role of the Money Laundering Reporting Officer 12.6 Reporting Suspicions to the Authorities 12.7 Confidentiality of Disclosures - Tipping Off 12.8 Liaising with the Investigating Agencies 13 Retention of Records 13.1 General Principles and Objectives 13.2 Identity Records 13.3 Transaction Records 13.4 Records of Suspicion Reports 13.5 Format and Retrieval of Records 13.6 Group Record Retention Policy 13.7 Wire Transfer Transactions 14 Awareness Raising and Training 14.1 Communicating Information to Staff 14.2 Training 14.3 Keeping Records of Training Appendices

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