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

By Mark Pieth

The entire significant monetary centres have skilled an increase in anti-money laundering principles and laws. in the beginning, anti-money laundering legislation have been used as a weapon within the struggle on medicines, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors show, have had severe results for banks and different monetary associations - affecting not just revenue margins but in addition the best way enterprise is carried out. Topical and pertinent matters addressed during this e-book comprise questions comparable to, has all of the fresh legislative task relatively positioned a cease to the matter? Are the foreign principles being carried out 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 laws of 4 significant, move border, monetary centres also are tested extensive: Switzerland, Singapore, the united kingdom, and the us. Going past the only descriptive, there are comparative analyses of those nations opposed to latest foreign criteria - with illuminating effects. This new publication is filled with unique perception and research and may be a useful source for attorneys, either scholarly and practitioner dependent, with an curiosity in financial crime in addition to policymakers and compliance officials inside of banks and different monetary associations.

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75 Whereas the ‘Self Evaluation Procedure’ (SEP) allows members to describe their approach in their own words in a procedure followed annually on the basis of a standard questionnaire, the ‘Mutual Evaluation Procedure’ (MEP) relies on the on-site visit of experts from Member States to conduct interviews and give their critical judgement to the Group. 77 The process combines comparative legal analysis, based on a functional approach to comparison of law, with a political assessment. Since the experts are drawn from Member States and the teams made up primarily of officials and law enforcement practitioners, there is little emphasis on academic conceptualization and analytical consistency.

So far, researchers have been able to bring to light24 the fact that a serious distrust of the UN institutions led G7 to take matters in hand. G7 even turned down an offer by the UNDCP to run the secretariat of FATF in 1989, although its bid substantially undercut that of the OECD. With the choice of the OECD as its institutional location, the FATF opted for First World type procedures, it thereby also laid the groundwork for what was to be a refined peer-review mechanism, drawing from the OECD’s established strict accession procedures.

In other situations they were inadequate because they did not necessarily take specific increased risks into account. 28 A comparative guide to anti-money laundering Based on an alternative approach, developed out of the established practice of self-regulation in some countries, the risk-based approach shifted part of the responsibility for defining the risks, for developing counter measures and, above all, for a dynamic risk management onto the institution. This approach had the advantage of allowing banks a relatively simple and cheap ordinary procedure for retail banking and cases without specific risk factors in general.

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