Download Combating Money Laundering and the Financing of Terrorism: A by World Bank, International Monetary Fund PDF

By World Bank, International Monetary Fund

Cash laundering and the financing of terrorism are international difficulties that not just threaten a country’s protection, but additionally compromise the soundness, transparency, and potency of its economy, as a result undermining its fiscal prosperity. the once a year worldwide estimate for cash laundering is greater than $1 trillion, valued in U.S. cash. Efforts to counter those actions are often called anti–money laundering and scuffling with the financing of terrorism (AML/CFT) programs.

The 'Combating funds Laundering and the Financing of Terrorism' education application was once built by means of the area Bank’s monetary industry Integrity Unit, with aid from the governments of Sweden, Japan, Denmark, and Canada. this system may also help nations construct and improve their AML/CFT efforts through education all correct employees in either the private and non-private sectors, comparable to employees in fi nancial intelligence devices, monetary supervisory specialists, legislation enforcement firms, and monetary institutions.

The education guide’s modules are:
Module 1: results on fiscal improvement and overseas Standards
Module 2: felony necessities to fulfill overseas Standards
Module 3a: Regulatory and Institutional necessities for AML/CFT
Module 3b: Compliance requisites for monetary Institutions
Module four: construction a good monetary Intelligence Unit
Module five: household (Inter-Agency) and overseas Cooperation
Module 6: scuffling with the Financing of Terrorism
Module 7: Investigating cash Laundering and Terrorist Financing

The modules conceal the entire monetary motion activity strength on Anti–Money Laundering’s 40 concepts and 9 particular thoughts, with the unique texts. every one module is concentrated at a particular staff of pros in a jurisdiction’s AML/CFT regime, even if they might additionally take advantage of gaining wider wisdom during the different modules integrated during this application. each one module presents questions at first and finish to evaluate how a lot has been discovered. the learning consultant includes a number of case reports, discussions and analyses of hypothetical and genuine examples of cash laundering schemes, and top practices in research and enforcement, with a purpose to aid readers totally comprehend the implementation of profitable AML/CFT courses.

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Additional info for Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide

Sample text

Obligations of additional care when dealing with persons holding a public function and in relation to cross-border correspondent banking also need to be put in place. • Record keeping: to impose obligations on financial institutions and some nonfinancial businesses and professions to keep records on all the transactions that they conduct. • Suspicious transactions reporting: to impose an obligation on financial institutions and some non-financial businesses and professions to report if they suspect that funds are the proceeds of criminal activity, or are related to terrorist financing, without alerting the clients.

The definitions established by the convention provide the basis for the current international standard in this area. According to the Security Council Resolution 1373 and the FATF Special Recommendations, countries are now required to ratify this convention and ensure its effective implementation. THE WORLD BANK AND THE INTERNATIONAL MONETARY FUND In July 2002, the Boards of the World Bank and the IMF made a decision to add the FATF Recommendations to the list of standards and codes that are relevant to the operational work of the Bank and the IMF, and from which Reports on the Observance of Standards and Codes could be prepared.

Is there a standard method for assessing compliance? Working together with the FATF and FSRBs, the World Bank and the IMF developed a comprehensive assessment methodology. This methodology is used for all the assessments of compliance with international standards in this area. As mentioned above, these include the FATF, FSRBs, the World Bank, and the IMF. The purpose of developing a comprehensive methodology is to ensure a consistent assessment process. This, in turn, creates greater harmony of rules and practices across national jurisdictions.

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