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Publication Details

Combating Money Laundering and Terrorist Financing: A Model of Best Practice for the Financial Sector, the Professions and other Designated Businesses (Second Edition)   Size: 240 mm x 165 mm ISSN: Categories: Economic Affairs, Economics ISBN No: 978-0-85092-842-6 Format: Paperback Publication Date: 08-2006 Number of Pages: 190 Status: In stock Price: £ 20.00    [Currency converter]   Download a PDF with additional information for this publication Description 'The small and developing economies of the Commonwealth will find this a beneficial tool.’ - William Vlcek, The Round Table Money laundering is a world-wide problem involving hundreds of billions of dollars that are laundered through the international financial institutions. With increasing globalisation and liberalisation of financial systems, countries are becoming more vulnerable to the risks of money laundering and its contagious effects. This revised model of Commonwealth best practice takes into account the '40 Recommendations' of the International Financial Action Task Force (FATF) from 1990, as revised in 2003, as well as September 2001 attacks. The first part of the book deals with global issues, strategies and standards; the second with national issues, and in particular, national strategy formulation; and the third with financial and professional sector procedures. Combating Money Laundering and Terrorist Financing will be helpful to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop and implement national systems that comply with global standards. Contents Part One: Global Issues, Strategies and Standards 1. Background and Information 2. Money Laundering: The Need for Action and the Benefits to be Obtained 3. Understanding How Terrorism is Financed 4. Development of International Initiatives and Standards 5. Establishing International and Regional Co-operation Part Two: National Issues and Strategies 6. Developing National Strategies 7. Criminalising Money Laundering 8. Setting Obligations for the Financial Sector, the Professions and Other Designated Businesses 9. Processing Reports, Investigations, Prosecution and Confiscation Part Three: Financial and Professional Sector Procedures 10. Internal Controls, Policies and Procedures 11. Establishing Customer Due Diligence Procedures 12. Recognition and Reporting of Suspicions 13. Retention of Records 14. Awareness Raising and Training Appendices