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Combating Money Laundering and Terrorist Financing

A Model of Best Practice for the Financial Sector, the Professions and other Designated Businesses

image of Combating Money Laundering and Terrorist Financing
The Commonwealth has been in the forefront of international efforts to combat money laundering and terrorist financing, particularly through supporting its developing member countries to implement comprehensive Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) systems that comply with global standards.



The first edition of this book was published in 2005, and this second edition now includes additional information on understanding how terrorism is financed. The book incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations.



The manual will be of great use to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop viable AML/CFT systems.



The publication is divided into three main parts: the first deals with global issues, the second with national issues and in particular, national strategy formulation; and the third with financial and professional sector procedures.

English

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Awareness Raising and Training

The communication of policies and procedures to prevent money laundering, and training in how to apply those procedures, underpin all other anti-money laundering strategies. The effectiveness of any anti-money laundering strategy, must depend on the extent to which staff in relevant institutions and firms appreciate the serious nature of the background against which the anti-money laundering and counter-terrorism legis lation and regulations have been issued.

English

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