By Mark Pieth
All of the significant monetary centres have skilled an increase in anti-money laundering ideas and rules. firstly, anti-money laundering legislation have been used as a weapon within the conflict on medicinal drugs, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had critical outcomes for banks and different monetary associations - affecting not just revenue margins but additionally the way enterprise is carried out. Topical and pertinent matters addressed during this ebook comprise questions equivalent to, has the entire fresh legislative job quite positioned a cease to the matter? Are the overseas ideas being carried out 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 simply descriptive, there are comparative analyses of those nations opposed to present foreign criteria - with illuminating effects. This new booklet is filled with unique perception and research and should be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in financial crime in addition to policymakers and compliance officials inside of 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
Rec. 9 goes yet a step further by inviting Members to consider applying the core CDD-Recommendations to ‘the conduct of financial activities’ of otherwise Non-Financial Businesses. 61 More recently, the EU when modifying its 1991 AML directive spent a lot of time and energy on this issue, especially trying to find an adequate formula to include lawyers and notaries. Its approach mirrors the FATF’s reasoning when subjecting the independent legal professions to the AML rules, as far as they are participating in financial and corporate transactions.
The influence of the main negotiators has been very mixed: The USA, for all its interest in the issue, at first sight left relatively slight traces in the ‘Forty Recommendations’: The creation of the task force aside, the major achievement by the USA was to receive endorsement from the FATF for the criminal law programme of the Vienna Convention 1988. 25 But the USA did not prevail in the regulatory area. Its two main suggestions, routine reporting of cash transactions and the control of wire transfers, were turned down at the time.
3) and on freezing and confiscation (Rec. 3). 4 Enlarging the scope of professions bound by the AML rules The Recommendation 8 follows up on earlier preparatory work of the FATF. 59 Rec. 8 extends the application of Recs. 10–29 from banks to non-bank financial institutions (NBFIs). ). Rec. 9 goes yet a step further by inviting Members to consider applying the core CDD-Recommendations to ‘the conduct of financial activities’ of otherwise Non-Financial Businesses. 61 More recently, the EU when modifying its 1991 AML directive spent a lot of time and energy on this issue, especially trying to find an adequate formula to include lawyers and notaries.
A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA by Mark Pieth