By Mark Pieth
The entire significant monetary centres have skilled an increase in anti-money laundering principles and laws. in the beginning, anti-money laundering legislation have been used as a weapon within the warfare on medicines, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors display, have had critical effects for banks and different monetary associations - affecting not just revenue margins but in addition the way company is carried out. Topical and pertinent matters addressed during this ebook comprise questions comparable to, has all of the contemporary legislative task rather positioned a cease to the matter? Are the foreign principles being applied as rigorously as they need to? How point is the taking part in box in move border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, go border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the united states. Going past the simply descriptive, there are comparative analyses of those international locations opposed to latest overseas criteria - with illuminating effects. This new ebook is stuffed with unique perception and research and should 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 of banks and different monetary associations.
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Extra resources for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA
137 KYC has developed from a formal routine documenting of identity to a complex process of understanding the client’s business. However, the question immediately arises of how much time, effort and ultimately money needs to be invested into CDD? The answer is not an absolute one, rather the current discourse on CDD offers a new approach. Before examining the current discourse on CDD, the depiction of risk management should be rounded off with a brief mention of the other standard setting bodies that seek to prevent the misuse of financial systems by intermediaries, other than banks.
70 Therefore a corresponding degree of caution has to be exercised when comparing statistics from these countries. 71 Is an ‘early warning system’ preferable or should the financial professions – rather than the police, attempt to determine the economic logic of transactions or patterns of transactions before alarming the authorities (and, in most cases, even if unintentionally, the client)? Answers are also linked to other fundamental differences in the construction of notification procedures.
Even though the political significance of the examined countries might influence the subtlety with which the country’s performance is monitored, the process still gained popularity. 78 2 Sanctions The original ‘Forty Recommendations’ of 1990 had already introduced a core 20 A comparative guide to anti-money laundering sanctioning concept in Rec. 79 It took, however, until 1996 when first use was made of formal sanctioning. Until then the Group had relied entirely on informal peer pressure and the subtle threat of publication of unfavourable evaluation results in the annual report of the FATF.