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Combating Illicit Financing
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Book Synopsis Combating Illicit Financing by : Loren Yager
Download or read book Combating Illicit Financing written by Loren Yager and published by DIANE Publishing. This book was released on 2010-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2004, Congress combined pre-existing and newly created units to form the Office of Terrorism and Financial Intelligence (TFI) within the Department of the Treasury. TFI's mission is to integrate intelligence and enforcement functions to: (1) safeguard the financial system against illicit use; and (2) combat rogue nations, terrorist facilitators, and other national security threats. In the 5 years since TFI's creation, questions have been raised about how TFI is managed and allocates its resources. This report analyzes how TFI: (1) implements its functions, particularly in collaboration with interagency partners; (2) conducts strategic resource planning; and (3) measures its performance. Charts and tables.
Book Synopsis Regulating and Combating Money Laundering and Terrorist Financing by : Nkechikwu Valerie Azinge-Egbiri
Download or read book Regulating and Combating Money Laundering and Terrorist Financing written by Nkechikwu Valerie Azinge-Egbiri and published by Routledge. This book was released on 2021-03-01 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analytically reviews the impact of the global anti-money laundering and counter-terrorist financing (AML/CFT) framework on the compliance trajectory of a number of jurisdictions to this framework. The work begins by examining the international financial sector reform and its evolution to inculcate the global framework for AML/CFT regulations. It challenges the resulting uniform AML/CFT due to its paradoxical impact on the compliance trajectory of African countries and emerging economies (ACs/EEs). This is done through an examination of the pre-conditions for effective regulation and compliance drivers for ACs/EEs that reveals the behavioural impact of the AML/CFT standards on the bloc of countries. Through the application of agency theory, it explores the relationship between ACs/EEs on the one hand and the international financial institutions that formulate, disseminate and facilitate compliance with the global framework for AML/CFT standards on the other. The remaining chapters review empirically the compliance pressures and resulting compliance trajectory of ACs/EEs with the AML/CFT standards. The final part of the book provides a detailed explanation of the compliance challenges of ACs/EEs and the legitimacy concerns that facilitate this. This book offers a new direction on the impact of global AML/CFT standards on ACs/EEs and contributes to the understanding of the conditions under which the global standards are likely to facilitate proactive compliance within these blocs of countries. As such it will be a valuable resource for academics, researchers and policy-makers working in this area.
Book Synopsis Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism by : Paul Allan Schott
Download or read book Reference Guide to Anti-money Laundering and Combating the Financing of Terrorism written by Paul Allan Schott and published by World Bank Publications. This book was released on 2006-01-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of the Reference Guide is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The Reference Guide is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.
Book Synopsis Preventing Money Laundering and Terrorist Financing by :
Download or read book Preventing Money Laundering and Terrorist Financing written by and published by World Bank Publications. This book was released on 2009 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "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. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? 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. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, 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.
Book Synopsis Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions by :
Download or read book Anti-Money Laundering and Combating Terrorist Financing for Financial Institutions written by and published by Dorrance Publishing. This book was released on with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Combating Money Laundering and the Financing of Terrorism by :
Download or read book Combating Money Laundering and the Financing of Terrorism written by and published by World Bank Publications. This book was released on 2009 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide has been developed by the Financial Market Integrity Unit of the World Bank to support the World Bank's Capacity Enhancement Program on AML/CFT. The modules are comprised of the following eight Modules: Module 1 - Effects on Economic Development and International Standards Module 2 - Legal Requirements to meet International Standards Module 3a - Regulatory and Institutional Requirements Module 3b - Compliance Requirements for Financial Institutions Module 4 - Building an Effective Financial Intelligence Unit Module 5 - Domestic (inter-agency) and International Cooperation Module 6 - Combating the Financing of Terrorism Module 7 - Investigating Money Laundering and Terrorist Financing
Book Synopsis Combating Money Laundering and Terrorist Financing by : Commonwealth Secretariat
Download or read book Combating Money Laundering and Terrorist Financing written by Commonwealth Secretariat and published by Commonwealth Secretariat. This book was released on 2006 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. This second edition now includes additional information on understanding how terrorism is financed. It incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations.
Author :Michael Jacobson Publisher :Emirates Center for Strategic Studies and Research ISBN 13 :9948140117 Total Pages :28 pages Book Rating :4.9/5 (481 download)
Book Synopsis Combating the Financing of Transnational Threats by : Michael Jacobson
Download or read book Combating the Financing of Transnational Threats written by Michael Jacobson and published by Emirates Center for Strategic Studies and Research. This book was released on 2009-06-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Confronting the multiple national security threats facing the world today demands not only close international cooperation but also coordinated national strategies that employ all elements of national power. Such a strategy recognizes that no one specific tool will deter, disrupt or prevent the illicit activities of terrorists, proliferators, insurgents, organized criminals or other transnational threats, and that employing a variety of instruments in a coordinated fashion is likely to produce the best results. However, one tool that shows particular promise, especially when used in concert with other policy tools, is combating the financing of transnational threats. Combating illicit financing can be effective, depending on the target, at three levels: deterrence, prevention and disruption. Freezing terrorist funds, for example, has a deterrent effect on major donors, pressing financiers to rethink their support because of the potential hindrance to their day-to-day business activities. Countering terrorist financing will not dry up all the funding available to terrorists, but it is an effective and efficient means of constricting our adversaries’ operating environment by making it difficult to fund illicit activities. The financial sector provides reliable and substantive intelligence to investigators tracing money both upstream and downstream, from funding sources to potential operators. Following the “money trail” enables authorities to thwart attacks, and despite the difficulty of permanently disabling terrorist entities, disrupting their financial transactions constrains their ability to function. Weapons proliferation, especially in the area of missile technology and weapons of mass destruction (WMD), is extremely expensive. Similarly, insurgencies require significant funding, as do organized terrorist groups, which require extensive resources to train, equip and pay operatives; bribe officials; support members’ families; secure materials; and publicly promote their cause. Since even inexpensive attacks require funding, small-scale interventions can effectively thwart terrorists if they are unable to access necessary funds when and where they need them. Since the 9/11 attacks the terrorist threat has evolved structurally and financially. Globalization has exponentially increased the flow of transactions through the international financial system, in part making it easier to conduct illicit transactions in plain sight.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781976200090 Total Pages :50 pages Book Rating :4.2/5 ( download)
Book Synopsis Combating Illicit Financing by : United States Government Accountability Office
Download or read book Combating Illicit Financing written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-09-21 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2004, Congress combined preexisting and newly created units to form the Office of Terrorism and Financial Intelligence (TFI) within the Department of the Treasury (Treasury). TFI's mission is to integrate intelligence and enforcement functions to (1) safeguard the financial system against illicit use and (2) combat rogue nations, terrorist facilitators, and other national security threats. In the 5 years since TFI's creation, questioned have been raised about how TFI is managed and allocates its resources. As a result, GAO was asked to analyze how TFI (1) implements its functions, particularly in collaboration with interagency partners, (2) conducts strategic resource planning, and (3) measures its performance. To conduct this analysis, GAO reviewed Treasury and TFI planning documents, performance reports, and workforce data, and interviewed officials from Treasury and its key interagency partners.
Book Synopsis Preventing Money Laundering and Terrorist Financing, Second Edition by : Pierre-Laurent Chatain
Download or read book Preventing Money Laundering and Terrorist Financing, Second Edition written by Pierre-Laurent Chatain and published by World Bank Publications. This book was released on 2022-08-11 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money laundering and terrorist financing undermine the integrity and stability of financial systems and can have a significantly adverse impact on a jurisdiction's economy. Challenges to effective supervision and prevention of money laundering and financing of terrorism were exacerbated in the aftermath of the 2008 financial crisis, with financial institutions' need for funds at times undermining vigilance as to the provenance of those funds. As such, supervisors often, and prudently, focused on coping with the crisis. Since 2009, when the first edition of this handbook was published, challenges to the integrity and stability of financial systems have continued to evolve. Money-laundering and terrorist-financing risks continue to threaten the reputations of financial institutions and entire financial sectors, exposing institutions to the possibility of severe enforcement action by public authorities or the loss of correspondent relationship facilities by their private sector counterparts. This second edition reflects the evolving challenges to the integrity and stability of financial systems, recent trends in enforcement actions by country authorities, and changes to international standards, notably an emphasis on a risk-based approach. This practical handbook supports the implementation of international standards established by the Financial Action Task Force and other bodies, * Providing examples of money-laundering and terrorist-financing supervisory frameworks in a range of countries; * Describing best practices for the supervision and enforcement of money-laundering and terrorist-financing laws and regulations; * Offering practical advice on how a particular jurisdiction might incorporate enforcement of the laws and regulations on money laundering and terrorist financing into its supervisory framework. 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.
Book Synopsis Suppressing Terrorist Financing and Money Laundering by : Jae-myong Koh
Download or read book Suppressing Terrorist Financing and Money Laundering written by Jae-myong Koh and published by Springer Science & Business Media. This book was released on 2006-07-25 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book analyses the development of international standards for countering terrorist financing from the perspective of international criminal law. It is likely to find its value for readers not only as a monograph on the financing of terrorism but also as a reference book on the operational and theoretical development of anti-money laundering strategy following 9/11. In particular, the works of main actors in this area such as the UN Security Council, Financial Action Task Force, IMF, World Bank, and APG are dealt with in depth.
Download or read book Combating Illicit Financing written by and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2004, Congress combined preexisting and newly created units to form the Office of Terrorism and Financial Intelligence (TFI) within the Department of the Treasury (Treasury). TFI's mission is to integrate intelligence and enforcement functions to (1) safeguard the financial system against illicit use and (2) combat rogue nations, terrorist facilitators, and other national security threats. In the 5 years since TFI's creation, questions have been raised about how TFI is managed and allocates its resources. As a result, GAO was asked to analyze how TFI (1) implements its functions, particularly in collaboration with interagency partners, (2) conducts strategic resource planning, and (3) measures its performance. To conduct this analysis, GAO reviewed Treasury and TFI planning documents, performance reports, and workforce data, and interviewed officials from Treasury and its key interagency partners. GAO recommends, among other things, that the Secretary of the Treasury direct TFI to develop and implement (1) mechanisms to improve interagency collaborative efforts, (2) a process to improve strategic resource planning, and (3) performance measures that exhibit the key attributes of successful performance measures. Treasury commented that it plans to redouble some current efforts and undertake some new efforts that address GAO's recommendations.
Book Synopsis Countering the Financing of Terrorism by : Thomas J. Biersteker
Download or read book Countering the Financing of Terrorism written by Thomas J. Biersteker and published by Routledge. This book was released on 2007-09-12 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Groups committing acts of terrorism have adapted their means of financing to elude detection since the 9/11 attacks in the United States. Surveying the global community’s multi-year effort to cut off terrorist funding, this volume offers a much-needed analysis of a complex, widely discussed, yet poorly understood subject. While books on terrorism have touched upon the topic, this is the first comprehensive, balanced, and scholarly overview of terrorist financing, its methods, and efforts to counter it. Bringing together leading analysts of terrorism, international relations, global finance, law, and criminology, Countering the Financing of Terrorism provides a critical assessment of the international effort to restrict terrorist financing. It evaluates the costs and benefits and offers recommendations for more effective policies for the future.
Book Synopsis Anti-Money Laundering and Counter-Terrorism Financing by : Abdul Abubakar
Download or read book Anti-Money Laundering and Counter-Terrorism Financing written by Abdul Abubakar and published by African Books Collective. This book was released on 2015-10-19 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through the financial systems across the globe, some of which are used to finance terrorism. The continued abuse of some off-shore financial centres and the proliferation of internet banking have further increased the need for more effective detection and checks on money laundering and terrorist-financing schemes. Left unchecked, some perpetrators expand their criminal pursuits, fostering such illegal activities as corruption, drug trafficking, human trafficking, arms trafficking, smuggling and terrorism. The book focuses on, among other related matters, the relative effectiveness of Nigerian laws in curbing money laundering and terrorist financing, as well as the extent of compliance with international legal standards for combating money laundering and terrorist financing, including creating a legislative and enforcement framework for the implementation of international instruments for combating both menaces. The general conclusion is, in spite of the efforts, much is still left to be done.
Author :United States Government Accountability Office Publisher :Createspace Independent Publishing Platform ISBN 13 :9781984070197 Total Pages :50 pages Book Rating :4.0/5 (71 download)
Book Synopsis Combating Illicit Financing by : United States Government Accountability Office
Download or read book Combating Illicit Financing written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-02-03 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combating Illicit Financing: Treasury's Office of Terrorism and Financial Intelligence Could Manage More Effectively to Achieve Its Mission
Author :Housing And Urban Committee on Banking Publisher :Createspace Independent Publishing Platform ISBN 13 :9781723517266 Total Pages :186 pages Book Rating :4.5/5 (172 download)
Book Synopsis Combating Money Laundering and Other Forms of Illicit Finance by : Housing And Urban Committee on Banking
Download or read book Combating Money Laundering and Other Forms of Illicit Finance written by Housing And Urban Committee on Banking and published by Createspace Independent Publishing Platform. This book was released on 2018-07-28 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Today's hearing is the first of two currently planned hearings to explore the difficult issues underlying modernizing a decades-old system [of laws] designed to combat money laundering, terrorist financing, corruption, weapons proliferation, sanctions evasion, and a host of other threats. Some of the world's largest banks and their foreign partners have run afoul of these laws. In some cases they had inadequate anti-money laundering oversight and compliance regimes. Other banks willfully and persistently violated U.S. bank secrecy, sanctions, and anti-corruption laws. In fact, the GAO concluded last year that from 2009 to 2015 about $12 billion was collected in fines and penalties and forfeitures from financial institutions for violations of the Bank Secrecy Act, the Foreign Corrupt Practices Act, and U.S. sanctions requirements. These laws are all tools that aid the Federal Government in detecting and disrupting and inhibiting financial crimes, terrorist financing, bribery, and corruption. During that same period, Federal agencies assessed more than $5 billion specifically for Bank Secrecy Act violations. When one widens the lens and reaches back to 2005, that number grows larger, much larger. Many of these banks violated U.S. anti-money laundering and sanctions laws by knowingly facilitating financial transactions for rogue jurisdictions like Burma and Iran and Sudan and Libya and Syria. These are not victimless crimes. For example, money laundering on behalf of drug cartels has a direct line to the opioid epidemic. These types of violations should concern those who argue we should loosen laws or regulations or oversight in this area.
Book Synopsis Countering the Financing of Terrorism by : Chady El Khoury
Download or read book Countering the Financing of Terrorism written by Chady El Khoury and published by International Monetary Fund. This book was released on 2023-05-12 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF member countries face significant challenges when it comes to improving the effectiveness of their fight against terrorism financing. This book is intended to assist anti-money laundering and combating terrorism financing (AML/CFT) policymakers and practitioners in identifying key challenges and good practices for strengthening the effectiveness of counter terrorism financing frameworks. The book’s six chapters cover (1) improving the understanding of terrorist financing risks; (2) the role of the private sector in detecting and disrupting terrorist financing activities; (3) the production and use of financial intelligence to counter terrorism and terrorist financing; (4) investigating, prosecuting, and sanctioning terrorism financiers; (5) terrorism-related targeted financial sanctions; and (6) international cooperation in combating the financing of terrorism. The book presents contributions by experts from the IMF, United Nations, Egmont Group of Financial Intelligence Units, INTERPOL, and Europol.
