Introduction to money laundering deterrence by Dennis W. Cox

By Dennis W. Cox

Each felony act wherever that comprises acquiring funds illegally produces cash which have to be laundered. The IMF estimates that 2-5% of world GDP ($590bn and $1.5 trillion) is laundered each year - $590bn is the similar of Spain's every year output. Globally, laws have are available which impact definite companies, particularly banks and different monetary associations. those companies were required to install position particular preparations to avoid and notice cash laundering and the criminality that underlies it. As funds launderers have resorted to extra subtle methods of disguising the resource in their cash, so staff must be ever extra conscious of what they're facing, and the way to house it. * at the moment books on cash laundering deterrence are likely to specialise in the designated laws and consequently don't supply a lot within the type of sensible recommendation and suggestions. The books additionally are inclined to examine cash laundering legislation from a unmarried viewpoint - say that of the united kingdom. * laws calls for companies to supply all suitable staff with enough education on that laws, and to recognize and deal safely with transactions the place funds laundering is suspected. * This publication will examine a chain of sorts of cash laundering, clarify how they're used and what controls, if any, will be utilized by an establishment to guard itself. * What should still make a banker suspicious, how could suspicion seem to a court docket or regulator, and what is going to the impression be on controls and reputational possibility.

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Special Recommendation 4. Reporting suspicious transactions related to terrorism • Where any institution subject to anti-money laundering obligations, suspects or has reasonable grounds to suspect that funds are linked or related to, or are to be used for terrorism, terrorist acts or by terrorist organisations, they should be required to report promptly their suspicions to the competent authorities. Again having included terrorist financing as a predicate offence, this effectively duplicates the original recommendation.

The question then is what needs to be done in such circumstances and what records are to be maintained. As we shall see this is dealt with in later recommendations. Recommendation 12 • The customer due diligence and record-keeping requirements set out in Recommendations 5, 6, and 8 to 11 should apply to designated nonfinancial businesses and professions in the following situations: (a) Casinos – which involve financial transactions equal to or above the applicable designated threshold. (b) Real estate agents – for client transactions concerning the buying and selling of real estate.

Each country does implement slightly different rules regarding what is a suspicion that should be reported to the relevant authorities and what is a INTERNATIONAL MONEY LAUNDERING REGULATION 19 rumour that may essentially be ignored. We go into this issue further in later chapters of this book. Notice there is a requirement for sanctions to be proportionate, so the ability to pay is generally taken into account in deciding upon relevant sanctions. Recommendation 3 • • Countries should adopt legislative measures to enable their competent authorities to confiscate property laundered and proceeds from money laundering or predicate offences, without prejudice to bone fide third parties.

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