Reference Guide to Anti-money Laundering And

This second edition of the 'Reference Guide' is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The 'Reference Guide' is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.

Foreword

ix

Acknowledgments

xi

Abbreviations and Acronyms

xiii

Introduction: How to Use this Reference Guide

xv

Part A: The Problem and the International Response

Money Laundering and Terrorist Financing: Definitions and Explanations

1

(1)

What Is Money Laundering?

2

(2)

What Is Terrorist Financing?

4

(1)

The Link Between Money Laundering and Terrorist Financing

5

(1)

The Magnitude of the Problem

6

(1)

The Processes

7

(2)

Where Do Money Laundering and Terrorist Financing Occur?

9

(1)

Methods and Typologies

9

Money Laundering Impacts Development

1

(1)

The Adverse Implications for Developing Countries

2

(5)

The Benefits of an Effective AML/CFT Framework

7

International Standard Setters

1

(1)

The United Nations

2

(5)

The Financial Action Task Force on Money Laundering

7

(6)

The Basel Committee on Banking Supervision

13

(3)

International Association of Insurance Supervisors

16

(2)

International Organization of Securities Commissioners

18

(1)

The Egmont Group of Financial Intelligence Units

19

Regional Bodies and Relevant Groups

1

(1)

FATF-Style Regional Bodies

1

(3)

Wolfsberg Group of Banks

4

(4)

The Commonwealth Secretariat

8

(1)

Organization of American States--CICAD

9

Part B: The Elements of an Effective AML/CFT Framework

Legal System Requirements

1

(1)

Criminalization of Money Laundering

2

(13)

Criminalization of Terrorism and the Financing of Terrorism

15

(1)

Seizure, Confiscation, and Forfeiture

15

(4)

Types of Covered Entities and Persons

19

(4)

Supervision and Regulation---Integrity Standards

23

(3)

Laws Consistent with Implementation of FATF Recommendations

26

(1)

Cooperation Among Competent Authorities

26

(1)

Investigations

27

Preventive Measures

1

(1)

Customer Identification and Due Diligence

2

(14)

Record Keeping Requirements

16

(2)

Suspicious Transaction Reporting

18

(6)

Cash Transaction Reporting

24

(2)

Balancing Privacy Laws with Reporting and Disclosure Requirements

26

(1)

Internal Controls, Compliance and Audit

27

(1)

Regulation and Supervision---Integrity Standards

27

(1)

Legal Entities and Arrangements

28

The Financial Intelligence Unit

1

(1)

Definition of a Financial Intelligence Unit

3

(1)

Core Functions

4

(5)

Types or Models of FIUs

9

(6)

Possible Additional Functions

15

(2)

Organizing the FIU

17

(2)

Privacy Safeguards

19

(4)

Information and Feedback

23

International Cooperation

1

(1)

Prerequisites for Effective International Cooperation

2

(3)

General Principles of International Cooperation Against Money Laundering

5

(1)

International Cooperation Between FIUs

6

(2)

International Cooperation Between Financial Supervisory Authorities

8

(3)

International Cooperation Between Law Enforcement and Judicial Authorities

11

(2)

Considerations for Fiscal Matter Offenses

13

Combating the Financing of Terrorism

1

(1)

Ratification and Implementation of United Nations Instruments

2

(2)

Criminalizing the Financing of Terrorism and Associated Money Laundering

4

(1)

Freezing and Confiscating Terrorist Assets

5

(2)

Reporting Suspicious Transactions Related To Terrorism

7

(1)

International Cooperation

8

(1)

Alternative Remittance Systems

9

(1)

Wire Transfers

10

(2)

Non-Profit Organizations

12

(1)

Cash Couriers

13

(4)

Self-Assessment Questionnaire on Terrorist Financing

17

Part C: The Role of the World Bank and International Monetary Fund

World Bank and International Monetary Fund Initiatives to Fight Money Laundering and Terrorist Financing

1

(7)

Awareness Raising

3

(2)

Development of a Universal AML/CFT Assessment Methodology

5

(1)

Building Institutional Capacity

6

(3)

Research and Analysis

9

Annexes

Websites for Key Organizations, Legal Instruments, and Initiatives

1

(1)

Other Useful Websites and Resources

1

(1)

United Nations Anti-Terrorist Conventions Referred to in the International Convention for the Suppression of the Financing of Terrorism

1

(1)

The Financial Action Task Force Forty Recommendations on Money Laundering and Interpretative Notes

1

(1)

The Financial Action Task Force Special Recommendations on Terrorist Financing

1

(1)

The Financial Action Task Force Interpretative Notes and Guidance Notes for the Special Recommendations on Terrorist Financing and the Self-Assessment Questionnaire

1

(1)

Cross-Reference of The Forty Recommendations to Reference Guide

1

(1)

Cross-Reference of the Special Recommendations to Reference Guide

1

(7)

Diagrams

The Processes of Money Laundering and Financing of Terrorism

8

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Reference Guide to Anti-money Laundering And Combating the Financing of Terrorism

Summary

Table of Contents

Supplemental Materials