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Anti-money Laundering

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by

Jamie Hicks

on 8 October 2013

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Transcript of Anti-money Laundering

Objective
Financial systems and the broader economy are protected from the threats of money laundering and the financing of terrorism and proliferation, thereby strengthening financial sector integrity and contributing to safety and security.
Assessment 1: Understanding
Money laundering and terrorist financing risks are understood and, where appropriate, actions coordinated domestically to combat money laundering and the financing of terrorism and proliferation.
Prevention
Detection and Eradication
Money laundering threats are detected and disrupted, and criminals are sanctioned and deprived of illicit proceeds.
Assessment 6
Financial intelligence and all other relevant information are appropriately used by competent authorities for money laundering and terrorist financing investigations.
Assessment 8
Proceeds and instrumentalities of crime are confiscated.
Assessment 7
Money laundering offences and activities are investigated and offenders are prosecuted and subject to effective, proportionate and dissuasive sanctions.
The Final stages
Assessment 10
Terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the NPO sector.
Assessment 11
Assessment 9
Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionate and dissuasive sanctions.
Assessment 3
Supervisors appropriately supervise, monitor and regulate financial institutions and DNFBPs for compliance with AML/CFT requirements commensurate with their risks.
Assessment 5
Legal persons and arrangements are prevented from misuse for money laundering or terrorist financing, and information on their beneficial ownership is available to competent authorities without impediments.
Assessment 4
Financial institutions and DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions.
Proceeds of crime and funds in support of terrorism are prevented from entering the financial and other sectors or are detected and reported by these sectors
Anti-money Laundering (AML)
This presentation will guide you through the Financial Action Task Force methodology for assessing the effectiveness of AML/CTF systems.

Assessment 2
International cooperation delivers appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets.
Prevention
Policy, coordination and cooperation
With widespread knowledge and understanding of these issues they can easily be honed in on and eradicated.
Over the first hurdle
The next stage: Cutting off from the source
Persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant UNSCRs
Success!
When these methods are used together anti- money laundering works much better, and isn't it better when things just..
...work
Full transcript