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Date: April 29, 2024 Mon
Time: 8:24 pm
Time: 8:24 pm
Results for money laundering (u.k.)
1 results foundAuthor: Great Britain. House of Lords. European Union Committee Title: Money Laundering and the Financing of Terrorism Summary: In the United Kingdom alone the turnover of the most serious forms of organised crime is perhaps £15 billion a year, two thirds of which is laundered through banks and other bodies. Much of this constitutes the proceeds of drug trafficking. The problem is global, and so must be the response. More than 180 countries are involved as members of or by being associated with the Financial Action Task Force (FATF), which recommends the action they should take to counter money laundering and the financing of terrorism, and promotes the monitoring of their compliance with those standards. The European Commission has been a member of the FATF from the outset, and the Community has been in the forefront of the fight. For the Member States, the FATF policy is implemented by a Directive which sets out in detail what is expected of them. The first requirement is that they should implement the Directive, and not all have yet done so. The United Kingdom has done so very effectively, but in other respects the Government have been slow. Astonishingly, they have not even signed, much less ratified, the Warsaw Convention on Money Laundering and Terrorist Financing, which would extend to all Council of Europe States arrangements through which to access financial information on money laundering and terrorist financing, and information on assets held by criminal organisations, including terrorist groups. The Warsaw Convention, if in force, would also help with recovery of the proceeds of crime, especially through civil proceedings. This is vital for the prevention and deterrence of drug trafficking and other serious crimes. Freezing the assets of suspected terrorists is another essential weapon, but it must not be abused; those whose assets are frozen have a right to know why, to make representations, and to have them considered. The European Court has led the way to progress in the EU; the United Nations still has some way to go. Details: London: The Stationery Office, 2009. 2 vol. Source: Internet Resource: 19th Report of Session 2008–09. Accessed July 16, 2012 at: http://www.coe.int/t/dghl/monitoring/moneyval/activities/UK_Parlrep.pdf Year: 2009 Country: United Kingdom URL: http://www.coe.int/t/dghl/monitoring/moneyval/activities/UK_Parlrep.pdf Shelf Number: 115780 Keywords: Financing of TerrorismMoney Laundering (U.K.)Organized Crime |