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Date: April 30, 2024 Tue
Time: 2:14 am
Time: 2:14 am
Results for cash transactions
1 results foundAuthor: Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) Title: Typologies Report on Cash Transactions and Cash Couriers in West Africa Summary: The geographical territory of West Africa is occupied by fifteen countries that make up the Economic Community of West African States (ECOWAS): Benin, Burkina Faso, Cape Verde, Cote D'Ivoire, (The) Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. Of these fifteen (15) countries, eight (8)belong to a common currency zone known as the Union Economique Monetaire de l'Afrique de l Ouest (UEMOA), which has common monetary regulations. The economy of the West Africa region is largely cash-based, characterised by a large and growing unregulated informal sector which is vulnerable to money laundering and terrorist financing. Money Laundering (ML) is a process whereby the origin and ownership of funds generated by illegal means is concealed. The process of ML usually involves three stages: (1) the introduction of the proceeds of crime into the financial system (placement); (2) transactions to convert or transfer the funds to other locations or financial institutions (layering); and, (3) reintegrating the funds into the legitimate economy as "clean" money and investing it in various assets or business ventures. Terrorist financing (TF), on the other hand, is the direct or indirect financial support provided to criminals for the purpose of carrying out acts that involve violence and or intimidation of populations. Such funds could be derived from either legitimate or illegitimate sources. Although there are factual differences between money laundering (ML) and terrorist financing (TF), both processes may use common intermediaries such as cash transactions. Indeed, money laundering and terrorist financing are a threat to international peace and security. Nature and Types of Cash Transactions Cash transactions are a particular problem, especially in developing economies where the formal payment systems are inadequate or where the populace has little confidence in their use. Even in some developed economies, cash transactions constitute a specific money laundering and terrorist financing problem. For example, about 52% of case files transmitted to prosecutorial authorities by the Belgian Financial Intelligence Unit (FIU) in 2005 featured cash transactions. The types and patterns of cash transactions that are at risk of money laundering and terrorist financing include the following : - exchange transactions, involving the exchange of one currency into another or the conversion of smaller denominations into bigger ones; - money remittance transactions, within or outside the country, often for mutual settlement. One of the potential risks here is that false identities may be used, thus making regulation, even where it does exist, difficult; - cash deposits on bank accounts, either by the account owners or by a third party; - cash withdrawals from accounts; and - cross-border transport of physical cash concealed in items such vehicle spare parts, pockets, commercial airlines parcels, suitcases and handbags. Details: s.l.: GIABA, 2007. 36p. Source: Internet Resource: Accessed December 1, 2017 at: http://www.giaba.org/media/f/107_typologies-report-november-2007.pdf Year: 2007 Country: Africa URL: http://www.giaba.org/media/f/107_typologies-report-november-2007.pdf Shelf Number: 148672 Keywords: Cash TransactionsMoney LaunderingProceeds of CrimeTerrorist Financing |