A Comparative Guide To Anti-Money Laundering: A Critical by Mark Pieth PDF

By Mark Pieth

ISBN-10: 1843766736

ISBN-13: 9781843766735

ISBN-10: 1845421612

ISBN-13: 9781845421618

All of the significant monetary centres have skilled an increase in anti-money laundering principles and rules. in the beginning, anti-money laundering legislation have been used as a weapon within the conflict on medications, while extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors exhibit, have had severe outcomes 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 e-book comprise questions corresponding to, has the entire fresh legislative job fairly placed a cease to the matter? Are the overseas 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 rules of 4 significant, move border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and america. Going past the basically descriptive, there are comparative analyses of those nations opposed to present foreign criteria - with illuminating effects. This new publication is stuffed with unique perception and research and should be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in fiscal crime in addition to policymakers and compliance officials inside banks and different monetary associations.

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Extra info for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA

Sample text

The roots of Customer Due Diligence (CDD) are to be found in prudential law and in internal risk management within financial institutions. 18 On the other hand, an interesting illustration of the emergence of CDD as part of private risk management within institutions and among institutions can be found in Swiss law as the developments following the so-called ‘Chiasso’ scandal illustrate. 19 The SNB withdrew as a contracting party when the second edition of the CDB appeared in 1982, when it was made clear that International standards against money laundering 7 the text was a purely private document, a kind of ‘gentleman’s agreement’ between some 400 banks in Switzerland.

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.

Informal negotiations between the US Treasury and the Swiss Foreign Ministry cleared the entry of this group after an assurance was received that tax matters were to be excluded from the negotiations of the task force. From this perspective, it was highly symbolic that Switzerland assumed the chairmanship of the task force immediately after the original French presidency (1992/93 FATF III). From year four (FATF III) onwards, the membership of the group was enlarged to all OECD countries plus the ‘Gulf Co-operation Council’ (FATF II) and Singapore (FATF III).

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A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA by Mark Pieth

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