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Date: April 30, 2024 Tue
Time: 12:32 am
Time: 12:32 am
Results for anti-money laundering
4 results foundAuthor: Asian Development Bank Title: Handbook on Anti-Money Laundering and Combating the Financing of Terrorism for Nonbank Financial Institutions Summary: The handbook provides guidance to nonbank financial institutions (NBFIs) on how to manage risks related to money laundering and the financing of terrorism and is intended to assist NBFIs in developing and implementing policies and procedures to combat money laundering and the financing of terrorism. The information contained in the handbook should be adapted to reflect the nature of activities, products, and services offered by individual NBFIs as there is no "one size fits all" approach to the management of risk. Details: Mandaluyong City, Philippines: Asian Development Bank, 2017. 96p. Source: Internet Resource: Accessed April 11, 2017 at: https://www.adb.org/sites/default/files/publication/184373/handbook-aml.pdf Year: 2017 Country: International URL: https://www.adb.org/sites/default/files/publication/184373/handbook-aml.pdf Shelf Number: 144786 Keywords: Anti-corruption Anti-Money LaunderingFinancial Crime Money Laundering Risk Management Terrorist Funding |
Author: U.S. Government Accountability Office Title: Anti-Money Laundering: U.S. Efforts to Combat Narcotics-Related Money Laundering in the Western Hemisphere Summary: Proceeds from narcotics-related illicit activities are one of the most common sources of money laundering in the United States. Though difficult to accurately determine, in 2015, Treasury estimated that drug trafficking generated about $64 billion annually from U.S. sales. Moreover, the Western Hemisphere accounts for about a third of the jurisdictions designated by State as of primary concern for money laundering. GAO was asked to provide information on U.S. efforts to impede illicit proceeds from drug trafficking from entering the financial systems of the United States and other Western Hemisphere countries. This report describes (1) U.S. agency oversight and monitoring of compliance with the BSA, including collaboration with counterparts in other Western Hemisphere countries, and (2) State's and Treasury's efforts to build capacity in other Western Hemisphere countries to combat narcotics-related money laundering. GAO reviewed laws and regulations; interviewed experts and U.S. officials; reviewed documents and examined State's and Treasury's budget data for fiscal years 2011 through 2015, the most recent at the time of the review, for anti-money laundering activities. GAO selected Colombia, Mexico, and Panama - three principal recipients of AML support - for site visits, in part, because each country was designated a major drug transit or illicit drug-producing country from fiscal years 2014 through 2016. Details: Washington, DC: GAO, 2017. 67p. Source: Internet Resource: GAO-17-684: Accessed September 11, 2017 at: http://www.gao.gov/assets/690/686727.pdf Year: 2017 Country: United States URL: http://www.gao.gov/assets/690/686727.pdf Shelf Number: 147217 Keywords: Anti-Money LaunderingDrug TraffickingFinancial CrimeMoney LaunderingProceeds of Crime |
Author: Coyne, John Title: I can see clearly now! Technological innovation in Australian law enforcement: a case study of anti-money laundering Summary: The Australian government's technological monopolies have ended. Technological developments, especially those that have been disruptive, have been driven primarily by private corporations for at least the past ten years. Meanwhile, legislative responses to those changes, be they disruptive or otherwise, have been increasingly delayed. Acceleration in the development and use of technology has been matched by changes in the capability of those who would do us harm. In the face of rapid social change, governments have lost more than a technological edge, as the very conceptualisations of sovereignty and geographical jurisdictions are being challenged. Law enforcement agencies' traditional business models for dealing with organised crime are under significant pressure from threat actors that are able to operate more agile decision-making cycles and exploit seams between jurisdictions and in law enforcement agencies' capabilities. In this context, Australian law enforcement agencies face an increasing number of challenges from emergent technologies. A key policy challenge underpinning these issues relates to the limited capacity of law enforcement to introduce innovative strategies in response to disruptive technology. Another is how to make cross-jurisdictional cooperation simpler and easier. This report explores technological innovation in law enforcement through a specific crime type case study of anti-money laundering (AML) provisions. It analyses the factors that support or restrict technological innovation in federal law enforcement's AML efforts and argues that the current ecosystem for innovation for AML needs to be enhanced to engage with the dual challenge of disruptive technology, and the integration of existing pockets of AML excellence into a holistic whole-of-government innovation program. The initial steps for responding to this challenge should include an analysis of the central assumptions that underpin innovation, policy-making, strategy and finance in this space. Details: Barton, ACT: Australian Strategic Policy Institute, 2018. 35p. Source: Internet Resource: Accessed July 31, 2018 at: https://s3-ap-southeast-2.amazonaws.com/ad-aspi/2018-07/SR%20123%20I%20can%20see%20clearly%20now.pdf?jLRQZUtiZ44.o66ipdnFVjoXF2plYehv Year: 2018 Country: Australia URL: https://s3-ap-southeast-2.amazonaws.com/ad-aspi/2018-07/SR%20123%20I%20can%20see%20clearly%20now.pdf?jLRQZUtiZ44.o66ipdnFVjoXF2plYehv Shelf Number: 150983 Keywords: Anti-Money LaunderingFinancial CrimeMoney LaunderingOrganized CrimePolice Technology |
Author: Intergovernmental Action Group Against Money Laundering in West Africa Title: Typologies Report on Laundering the Proceeds of Illicit Trafficking in Narcotics Drugs and Psychotropic Substances in West Africa Summary: EXECUTIVE SUMMARY I Drug trafficking is the largest source of illicit funds globally. This is largely due to the wide gap between production cost and the final price the consumer pays, especially in Western Europe and North America. For the trafficker, profit is the motive and is largely determined by the risk they are willing to take to deliver the drugs to the highest paying consumer. Locally, massive cannabis cultivation and consumption has been a source of major concern in the not only because of the illegal money it generates but also due to the associated health hazards. In recent years, West Africa has been targeted by drug traffickers from Latin America with large consignment of cocaine which is warehoused in the region and mostly shipped in small quantities to Europe and other destinations using local couriers. The problem has attracted attention at the highest level in the region as well as globally. There are ongoing regional initiatives to address the problem. II As a contribution to that initiative, and in order to have a good understanding of the relationship between money laundering and drug trafficking in the region, this typologies exercise was conducted. The study analyses various facets of the legal and enforcement environment of AML and Drug trafficking in ECOWAS member States. It looked at the vulnerabilities of the region and why West Africa has become a target for drug traffickers. It also looked at the techniques, methods, mechanisms and instruments used by drug traffickers to launder the proceeds of drug trafficking by reviewing relevant case studies and identifying typologies. III Twelve out of fifteen ECOWAS countries were involved in the study. One expert was identified in each of the 12 countries who helped to administer the two questionnaires developed for the study and produced a country report. A typologies workshop was held where country reports were reviewed, including case studies. IV The findings of the study indicates that drug traffickers employ complex means to launder money generated from drug trafficking including the use of lawyers, bureau de change, trade, cash couriers,, front companies, purchase of real estate, etc. V With regard to legal framework, most of the AML laws are quite recent compared to the drug trafficking laws. In some countries, the penalty for drug offences is not proportionate and dissuasive. There is general lack of effectiveness with regard to the enforcement of AML laws across board. Capacity to carry out effective AML investigation is generally low and many ML predicate offences are not investigated for ML. The domination of the informal sector and cash transaction of the economy of the region are obstacles to effective enforcement/implementation of AML measures. The disparity in AML capacity among member States is a source of concern and need to be urgently addressed. VI A number of recommendations were made which, if implemented will help to improve the overall implementation of AML measures both at the member States and at the regional levels. Summary of Findings VII The following is the summary of the major findings of the exercise: A. All countries in West Africa are extremely vulnerable to drug trafficking and related money laundering. The vulnerability is related to geographical, political, legal, institutional, economic and social factors. The large sea coast is either partly or completely unmanned in most parts of the region. Generally, inland borders are porous and not effectively manned across the region. B. Most of the countries have AML laws that were enacted not more than 4 years earlier, and the necessary infrastructure and human capacity to support the execution of the law are still being put in place. In a number of the countries, this process has been stalled by lack of resources. C. The trafficking tends to concentrate in countries with unstable political, social and economical situation and weak controls (legal, enforcement, prosecutorial and judicial). D. The laundering of the money generated from drug trafficking tend to be carried out in stable countries with relatively fair economy in the region where cash dominates transactions and is difficult for authorities to monitor cash inflows and outflows, as well as some in countries outside the region (largely countries where the heads of the networks operate from and the countries of some of the drug couriers from outside of the region). E. Corruption appears to play an important part in the cross-border movement of proceeds of crime as cash or when converted into goods. F. The general lack of capacity to interdict illicit drugs especially cocaine and heroin, makes money laundering almost inevitable due to the prevailing opportunities for money laundering in the informal sector. G. There is general lack of capacity for money laundering investigation in most of the countries coupled with the fact that money laundering investigation has not been fully integrated in drug trafficking investigation in most of the countries. Investigating money laundering during drug investigation does not appear to be a top priority as indicated by the apparent absence of asset seizure and confiscation despite convictions obtained of drug traffickers in most of the countries and the significant drug seizures made. H. Coordination between the investigating agencies and FIUs during drug trafficking related money laundering investigation is very week. The trust factor remains an important element in this lack of coordination. I. Over emphasis of money laundering through the formal financial system undermines overall AML/CFT efforts especially in West Africa where the cash dominated informal sector is the preferred channel for laundering the proceeds of crime, including drug trafficking. J. Reporting entities do not appear to be providing STRs commensurate with the level of the drug trafficking problems in most of the countries. This may be as a result of lack of expertise in ML risk analysis or lack of interest in providing such information. K. Most of the FIUs do not have sufficient analytical expertise to detect drug trafficking related money laundering. Emphasis appears to be placed more on corruption related ML by the FIUs. L. Cross border information sharing both in the control of drug trafficking and related money laundering is virtually absent except where there is a public incidence that affect countries. Details: Dakar, Senegal: GIABA, 2010. 82p. Source: Internet Resource: Accessed January 14, 2019 at: https://www.giaba.org/media/f/118_final-drugs-typologies-report-dev071811---english.pdf Year: 2010 Country: Africa URL: https://www.giaba.org/media/f/118_final-drugs-typologies-report-dev071811---english.pdf Shelf Number: 154138 Keywords: Anti-Money LaunderingCocaineCorruptionDrug TraffickersDrug TraffickingDrug TypologiesECOWASFIUIllicit DrugsMoney LaunderingWest Africa |