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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.

English

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Developing National Strategies

Strategies to combat money laundering need to be wide-ranging, involving governmental and private sector action in legal, regulatory, financial and law enforcement fields. To ensure that any proposed anti-money laundering strategy is capable of achieving its aim, and of functioning effectively in a given political, social and economic environment, it is essential that laws, regulations and administrative actions are developed that take account of the context in which they must operate. This means that all interested parties should participate in the development and administration of antimoney laundering programmes.

English

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