Download A Comparative Guide To Anti-Money Laundering: A Critical by Mark Pieth PDF

By Mark Pieth

The entire significant monetary centres have skilled an increase in anti-money laundering principles and rules. in the beginning, anti-money laundering legislation have been used as a weapon within the battle on medications, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had severe results for banks and different monetary associations - affecting not just revenue margins but additionally the best way enterprise is performed. Topical and pertinent matters addressed during this publication contain questions equivalent to, has the entire fresh legislative task fairly 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 go border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, go border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and the us. Going past the in simple terms descriptive, there are comparative analyses of those nations opposed to present overseas criteria - with illuminating effects. This new ebook is stuffed with unique perception and research and may 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 banks and different monetary associations.

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

Example text

On a quite different level of observation, the extension has made money laundering move away from a drug-related measure to a ‘prime instrument of repatriation’ of the stolen, embezzled, defrauded funds and profits of corruption. Nowadays, financial institutions will have to pay at least as much attention to abuses linked to ‘graft’ in both the general sense and in the particular in the preparation of payments made by those supplying illicit payments and creating ‘slush-funds’ (off the books assets) in order to bribe, and the subsequent processing of them to recipients.

Instruments such as the Council of Europe’s Convention 141 On Laundering, Search, Seizure and Confiscation of the Proceeds from Crime38 of 8 November 1990, or the EC Directives of 10 June 199139 are set in their own institutional International standards against money laundering 13 context. So, for example the EC would only indirectly refer to the obligations to criminalize money laundering,40 since the EC Commission did not have power to enact criminal law under the ‘first pillar’ of community law.

The nongovernmental organization, Transparency International (TI) and two experts made the suggestion to several large international banks that they should get together to develop common standards on money laundering (incidentally thereby also reducing the risks of money laundering related to corruption). 112 Even if this text – as a private agreement – is not in the same league with the intergovernmental instruments, it has greatly contributed to the discussion on CDD; the participant banks are pledging to live up to their standards on a world-wide basis in all their subsidiaries, including those in International standards against money laundering 25 OFCs.

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