A Model of Best Practice for Combating Money Laundering in the Financial Sector

image of A Model of Best Practice for Combating Money Laundering in the Financial Sector

Internet financial services is a rapidly changing field. The new technologies available to facilitate criminal activities make it imperative that more sophisticated means of combating money laundering are developed. This manual addresses issues such as: the interface with the parallel economy; grand corruption and diverted aid funds; fiscal offences and exchange control violations. It also reviews antimoney laundering developments in the four strategic geographical areas of influence within the Commonwealth – Africa, Australia, the Caribbean and the UK. It examines the developments in international standards since 1996 in various fora, for example the OECD convention on Combating Bribery of Foreign Public Officials and the OECD re unfair tax competition.



Awareness Raising and Training

The communication of a financial institution's policies and procedures to prevent money laundering, and the training in how to apply these procedures, underpin all other anti-money laundering strategies. The effectiveness of any anti-money laundering strategy depends on the extent to which staff appreciate the serious nature of the background against which the legislation and financial sector regulations have been issued.


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