Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors

Pierre-Laurent Chatain

ISBN 10: 0821379127 / ISBN 13: 9780821379127

Editore: World Bank Publications Mai 2009, 2009

Riguardo questo articolo

Neuware - Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. By providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.

Codice articolo 9780821379127

Dati bibliografici

• Titolo: Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors
• Editore: World Bank Publications Mai 2009
• Data di pubblicazione: 2009
• Lingua: Inglese
• ISBN 10: 0821379127
• ISBN 13: 9780821379127
• Rilegatura: Taschenbuch
• Condizione: Neu
• Dimensioni: 255 L x 180 A x 20 P (millimetri) 255 millimetri di larghezza per 180 millimetri di altezza per 20 millimetri di profondità
• Peso: 570 grammi

Descrizione articolo

Riassunto

The current financial crisis poses many challenges to all countries and is having a significant impact on economies and societies throughout the world. The need for funds might lower financial institutions’ vigilance as to the provenance of those funds. Supervisors also might prudently be focusing on coping with the crisis, affecting their supervision of measures for anti-money laundering and combating the financing of terrorism (AML/CFT). It will take increased efforts to ensure that AML/CFT concerns remain a priority for both banks and their supervisors.Effective supervision is central to the success of a country’s AML/CFT system. However,fieldwork in both developed and developing countries has shown an overall low compliance in the supervision of banks and other financial institutions. In fact, supervisory compliance with AML/CFT recommendations is generally lower than the average level of compliance with other recommendations of the Financial Action Task Force (FATF). By providing examples of good practices, 'Preventing Money Laundering and Terrorist Financing' will help countries improve AML/CFT supervision in the banking sector.This practical guide supports the implementation of international standards established by the FATF and other bodies by• providing examples of AML/CFT supervisory regimes in both developed and developing countries,• describing the implementation of good practices in AML/CFT supervision and enforcement, and• giving practical advice on how a particular jurisdiction might incorporate AML/CFT into its supervisory regime.Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.