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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.

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Establishing Know-Your-Customer Procedures

Having sufficient information about a customer or a prospective customer, and making effective use of that information, underpins all other anti-money laundering procedures and is the most effective weapon against being used to launder the proceeds of crime. In addition to minimising the risk of being used for illicit activities, it provides protection against fraud, enables suspicious activities to be recognised and protects individual institutions from reputational and financial risks.

English

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