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.



Internal Controls, Policies and Procedures

No financial sector business is immune from the risk of being used to launder the proceeds of crime. The reputational risk from becoming involved with criminal money can be fatal for any financial institution, regardless of whether a criminal prosecution is brought against the business. Financial institutions should therefore be vigilant to guard against their involvement or misuse for money laundering activities.


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