Combating Money Laundering and Terrorist Financing: A Model of Best Practice for the Financial Sector, the Professions and Other Designated Businesses

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Commonwealth Secretariat, 2006 - Business & Economics - 190 pages
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The Commonwealth has been in the forefront of international efforts to combat money laundering and terrorist financing, particularly through supporting its developing member countries to implement comprehensive Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) systems that comply with global standards. The first edition of this book was published in 2005, and this second edition now includes additional information on understanding how terrorism is financed. The book incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations.The manual will be of great use to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop viable AML/CFT systems.The publication is divided into three main parts: the first deals with global issues, the second with national issues and in particular, national strategy formulation; and the third with financial and professional sector procedures.
 

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Contents

Background and Introduction
3
Understanding How Terrorism is Financed
13
Development of International Initiatives and Standards
18
Establishing International and Regional Cooperation
26
Developing National Strategies
37
Criminalising Money Laundering
61
Setting Obligations for the Financial Sector the Professions and
72
Processing Reports Investigation Prosecution and Confiscation
103
Internal Controls Policies and Procedures
115
Establishing Customer Due Diligence Procedures
121
Recognition and Reporting of Suspicions
137
Retention of Records
147
Awareness Raising and Training
154
B Examples of Potentially Suspicious Activity and Transactions
170
Providing Feedback to Reporting Institutions and Other
179
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