Download or read book Balancing Anti Money Laundering Counter Terrorist Financing Requirements and Financial Inclusion written by Ehi Eric Esoimeme and published by Dsc Publications Limited. This book was released on 2019-06 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the following research question: How can telecommunications companies design anti-money laundering and combating the financing of terrorism (AML/CFT) measures that meet the goal of financial inclusion without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system? This book will critically review the AML/CFT measures in the Guidelines for Licensing, Regulation and Operation of telecommunications companies issued by the Central Bank of Nigeria. The aim is to determine if the said Guidelines adopt a balanced approach to financial inclusion, anti-money laundering measures and fundamental human rights. Although the main focus of this book is on Nigeria, the measures and principles in it can be applied to any country that is faced with the challenge of designing AML/CFT measures for telecommunications companies. Each chapter of this book, from Chapters 2 to 6, has a discussion and conclusion section. The conclusion section provides recommendations for the policies that were analysed in the discussion section. No other book adopts this kind of approach. The research took the form of a desk study, which analyzed various documents and reports such as the Revised Central Bank of Nigeria National Financial Inclusion Strategy 2018, the Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria as issued by the Central Bank of Nigeria in October 2018, the Central Bank of Nigeria' Revised Assessment Criteria for Approved Persons' Regime for Financial Institutions 2015, the Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014, the Nigerian Money Laundering (Prohibition) Act, 2011 (as amended), the Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism in Banks and Other Financial Institutions in Nigeria) Regulations, 2013, the United Kingdom Payment Services Regulations 2017, the United Kingdom Payment Accounts Regulations 2015, the United Kingdom Electronic Money Regulations 2011, the Guidance on the Prevention of Money Laundering/Combating Terrorist Financing for the United Kingdom Financial Sector Part I as issued by the Joint Money Laundering Steering Group in June 2017 [Amended December 2017], the United States Federal Financial Institutions Examination Council' Bank Secrecy Act/Anti-Money Laundering Examination Manual 2014, the Kenya Information and Communications (Amendment) Act 2013, the Kenya Information and Communications (Registration of SIM-cards) Regulations 2015, the Financial Action Task Force Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures 2007, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2011, the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (The FATF Recommendations) 2012, the Financial Action Task Force Guidance on Anti-Money Laundering and Terrorist Financing Measures and Financial Inclusion 2013 and the Financial Action Task Force Guidance for a Risk Based Approach: Prepaid Cards, Mobile Payments and Internet-Based Payment Services 2013.
Download or read book Making Remittances Work written by Emiko Todoroki and published by World Bank Publications. This book was released on 2014-06 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Migrant workers routinely send small sums back to their families -- often a crucial lifeline for their survivial. But sending money across countries for these low income people is not easy and often very expensive and risky. Better regulation and supervision of these payment channels can make the process easier to access and more secure.
Download or read book Women Business and the Law 2018 written by World Bank Group and published by World Bank Publications. This book was released on 2018-04-11 with total page 627 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can governments ensure that women have the same employment and entrepreneurship opportunities as men? One important step is to level the legal playing field so that the rules for operating in the worlds of work and business apply equally regardless of gender. Women, Business and the Law 2018, the fifth edition in a series, examines laws affecting women’s economic inclusion in 189 economies worldwide. It tracks progress that has been made over the past two years while identifying opportunities for reform to ensure economic empowerment for all. The report updates all indicators as of June 1, 2017 and explores new areas of research, including financial inclusion.
Download or read book Reference Guide to Anti money Laundering and Combating the Financing of Terrorism written by Paul Allan Schott and published by World Bank Publications. This book was released on 2006 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Efforts to launder money and finance terrorism have been evolving rapidly in recent years in response to heightened countermeasures. The international community has witnessed the use of increasingly sophisticated methods to move illicit funds through financial systems across the globe and has acknowledged the need for improved multilateral cooperation to fight these criminal activities. The World Bank and International Monetary Fund have developed this guide to help countries understand the new international standards. It will hopefully serve as a comprehensive source of practical information for countries to fight money laundering and terrorist financing. It discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations, such as the Bank and the IMF, play in the process. This guide is a tool for countries to establish and improve their legal and institutional frameworks and their preventive measures according to international standards and best practices. -- From Foreword (p. ix).
Download or read book Preventing Money Laundering and Terrorist Financing written by and published by World Bank Publications. This book was released on 2009 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.
Download or read book Deterring and Detecting Money Laundering and Terrorist Financing written by Ehi Eric Esoimeme and published by Dsc Publications Limited. This book was released on 2018-02-27 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first edition to this book was titled A Comparative Study of the Money Laundering Laws/Regulations in Nigeria, the United States and the United Kingdom; this edition is titled Deterring and Detecting Money Laundering and Terrorist Financing: A Comparative Analysis of Anti-Money Laundering and Counterterrorism Financing Strategies. The title was changed to reflect the new approach/direction of the second edition and the fact that eight new topics were added to the already-existing chapters. They are "Assessing Risks and Applying a Risk-Based Approach" (chapter 2), "Terrorist Financing Offence" (chapter 5), "Private Banking" (chapter 7), "Prepaid Cards" (chapter 8), "Modern Slavery" (chapter 11), "Fraud" (chapter 13), "Tax Evasion" (chapter 14), and "Confiscation and Provisional Measures" (chapter 15). The second edition uses a mix of different methodologies as opposed to focusing on just one methodology. In addition to the comparative methodology, this edition adopts the case-study methodology. This methodology was not used in the First Edition. The case-study methodology ensures that readers: i. remain familiar with the concepts of money laundering and terrorist financing; ii. are aware of the threat money laundering and terrorist financing poses to you as a banker or practitioner; iii. maintain a proportionate and risk-level based approach to those threats; iv. adopt the anti-money laundering/counter-terrorist financing procedures appropriate to that level of risk; and v. review and maintain those procedures regularly. This book provides guidance on the following: - money laundering process, regulation of diamond dealers and other designated nonfinancial businesses and professions, as well as regulation of hawala and other alternative remittance systems, international bodies and national government agencies charged with fighting money laundering and terrorist financing (Chapter 1); - country-level and reporting entity-level risk assessments, and the measures to prevent the misuse of non-profit organisations and third-party payment processors (Chapter 2); - suspicious activity reports, currency transaction reports, further information orders, disclosure orders and information sharing within the financial sector (Chapter 3); - money laundering offence, penalties and lifetime management of ancillary orders (Chapter 4); - terrorist financing, jurisdiction, penalties and policies and procedures involved in the seizure/forfeiture of terrorist property (Chapter 5); - current measures to reduce the money laundering risks associated with politically exposed persons (Chapter 6); - innovative methods to reduce the money laundering risks associated with private banking accounts (Chapter 7); - strategic measures that meet the goal of financial inclusion (that is, preserving innovation and the many legitimate uses and societal benefits offered by prepaid cards) without compromising the measures that exist for combating money laundering, terrorist financing and other illicit transactions through the financial system (Chapter 8); - calculated processes to prevent the smuggling of the proceeds of crime overseas for the purpose of avoiding the reach of law enforcement agencies (Chapter 9); - complete understanding of the role and responsibilities of the compliance officer (Chapter 10); - timely procedures for combating predicate offences for money laundering-e.g. modern slavery (Chapter 11), the offence of bribery (Chapter 12), fraud (Chapter 13) and tax evasion (Chapter 14); - authorized measures for freezing or seizing property laundered or proceeds from instrumentalities used in, or intended for use in, money laundering or predicate offences (Chapter 15 and Chapter 16); - conscientious assistance that helps firms gain confidence that their customer due diligence obligations have been properly carried out (Chapter 17); - institutional record keeping maintenance (Chapter 18).
Download or read book The Withdrawal of Correspondent Banking Relationships written by Mrs.Michaela Erbenova and published by International Monetary Fund. This book was released on 2016-06-30 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.
Download or read book Oversight Issues in Mobile Payments written by Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2014-07-15 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines oversight issues that underlie the potential growth and risks in mobile payments. International experience suggests that financial authorities can develop effective oversight frameworks for new payment methods to safeguard public confidence and financial stability by establishing: (i) a clear legal regime; (ii) proportionate AML/CFT measures to prevent financial integrity risks; (iii) fund safeguarding measures such as insurance, similar guarantee schemes, or “pass through” deposit insurance; (iv) contingency plans for operational disruptions; and (v) risk controls and access criteria in payment systems. Such measures are particularly important for low-income countries where diffusion is becoming more widespread.
Download or read book FinTech in Sub Saharan African Countries written by Mr.Amadou N Sy and published by International Monetary Fund. This book was released on 2019-02-14 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
Download or read book The Promise of Fintech written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2020-07-01 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
Download or read book Financial Intelligence Units written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-06-17 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade and beyond, the need for a modern anti-money-laundering strategy has become widely accepted internationally. Depriving criminal elements of the proceeds of their crimes has increasingly been seen as an important tool to combat drug trafficking and, more recently, as a critical element in fighting organized crime, corruption, and the financing of terrorism, and maintaining the integrity of financial markets. The first few financial intelligence units (FIUs) were established in the early 1990s in response to the need for countries to have a central agency to receive, analyze, and disseminate financial information to combat money laundering. Over the ensuing period, the number of FIUs has continued to increase, reaching 84 in 2003. This handbook responds to the need for information on FIUs. It provides references to the appropriate Financial ActionTask Force (FATF) standards wherever appropriate.
Download or read book Gibraltar written by International Monetary Fund and published by International Monetary Fund. This book was released on 2007-05-21 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gibraltar’s Detailed Assessment Report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism is reviewed. The principal AML risk to Gibraltar is lodged in its professional sector, which is likely to be involved in the layering and integration of proceeds of crime. There is also some risk to Gibraltar at the placement stage, in connection with drug trafficking, migrant smuggling, and organized crime in southern Spain. The Financial Services Commission in Gibraltar has established a strong, risk-based framework for financial institutions for AML.
Download or read book The Risk Based Approach to Combating Money Laundering and Terrorist Financing written by Ehi Eric Esoimeme and published by . This book was released on 2015-07-21 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments around the world have made the fight against money laundering and the financing of terrorism a priority. Among its effort is the implementation of the Financial Action Task Force Recommendations, specifically Recommendation 1. The FATF Recommendations (Recommendation 1) requires that countries mandate financial institutions and designated non-financial businesses and professions (DNFBPs), to adopt a risk-based approach to combating money laundering and terrorist financing. This book aims to provide a clear understanding of what the risk-based approach involves. In addition to this, it differentiates the risk-based approach from the rule-based approach and determines if the risk-based approach interferes with the human rights of high-risk customers.Internationally, this book would be the first comprehensive book on the subject of the Risk-Based Approach. This book would help financial institutions and designated non-financial institutions with any problem regarding the application of the risk-based approach.Financial institutions/DNFBPs who implement the risk-based approach, in line with the guidance given in this book, will be well-placed to avoid the consequences of inappropriate de-risking behaviour. Although there are quite a number of reference guides provided by the Financial Action Task Force to assist firms with the implementation of the risk-based approach. Those publications focus mainly on the risk assessment principles. This book is focused on both the principles and the practical aspect of its application.This book is a must read for every professional specializing in the field of Anti-Money Laundering Compliance. It is also a must read for every individual who intends to know more about the money laundering subject.
Download or read book Building Inclusive Financial Sectors for Development written by United Nations. Department of Economic and Social Affairs and published by United Nations Publications. This book was released on 2006 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: In most developing countries, financial services are only available to a minority of the population. The majority have no savings accounts, do not receive credit from formal financial institutions and have no insurance policies. They seldom make or receive payments through financial institutions. The limited use of financial services in developing countries has become an international policy concern. The reason for concern about widespread financial "exclusion" in developing countries is straightforward: access to a well-functioning financial system can economically and socially empower individuals, in particular poor people, allowing them to better integrate into the economy of their countries, actively contribute to their development and protect themselves against economic shocks. The central question asked by this book is how to bring access to these fundamental services to all people in developing countries and thus accelerate their economic development and that of their countries. Inclusive finance - safe savings, appropriately designed loans for poor and low-income households and for micro, small and medium-sized enterprises, and appropriate insurance and payments services - can help people help themselves to increase incomes, acquire capital, manage risk and work their way out of poverty.
Download or read book General Principles for International Remittance Services written by Group of Ten. Committee on Payment and Settlement Systems and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Combating Emerging Infectious Diseases Using the Financial Action Task Force National Risk Assessment Strategy written by Angela Eiterhebhe Esoimeme and published by . This book was released on 2020-09-22 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 outbreak highlights the ongoing threat to global health posed by emerging infectious diseases. As the crisis fades away, attention has turned towards the lessons to be learned for preparedness and response to emerging infectious diseases. Before 2009, national pandemic response actions were guided by global risk assessment and pandemic phases. This changed after the experience of pandemic A(H1N1)2009. Countries have now been advised by the World Health Organization to base response actions on their own assessment of national pandemic risk and severity and the corresponding national pandemic phase. This research seeks to enhance the collective understanding of the national risk-assessment process for managing the risk(s) of new and emerging infections arising anywhere in the world and draws upon principles set out under Recommendation 1 of the Financial Action Task Force's International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation 2012 (updated 2019). Recommendation 1 of the Financial Action Task Force Standards requires, amongst others, that countries identify, analyse, and evaluate their money laundering and terrorist financing risks and apply anti-money laundering and combating the financing of terrorism measures that are commensurate with the identified risks. The terminology and methodology of this research are based on the 2013 Financial Action Task Force Guidance for National Money Laundering and Terrorist Financing Risk Assessment. This book followed the three key stages identified in the Financial Action Task Force guidance of (1) identification, (2) analysis, and (3) evaluation.
Download or read book Global Anti Money Laundering Regulation written by Nkechikwu Azinge-Egbiri and published by Taylor & Francis. This book was released on 2024-11-25 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the politics of money laundering and terrorist financing (ML/TF) regulation in several countries across Africa and the Small Island States. Developed countries created the Financial Action Task Force (FATF) to combat ML/TF globally. Expectedly, the FATF’s standards mirror existing banking regulations within the G7 countries. Yet, the standards apply to all countries irrespective of the limited ML/TF risks they pose to the global economy, their weak pre-conditions for effective regulation and their non-involvement in the FATF’s framing. Still, such countries, mainly within the Global South, have worked hard to amplify their compliance with the regime due to fears of the repercussions of their non-compliance. This collection demonstrates how the global ML/TF regulation is treated as an implicitly superior legal regime where the Global South must comply irrespective of their perception of the FATF’s legitimacy challenges. It shows that beyond exogenous factors such as neo-colonialism, endogenous factors such as weak institutions and corruption undermine the compliance trajectory of the Global South. Furthermore, it analyses the unintended consequences of transplanting FATF standards into diverse legal and cultural contexts. The volume contributes to our understanding of the challenges of transplantation from the Global North and how the Global South is steering within the constraints created by the FATF. It advocates for a comprehensive understanding of the nuanced compliance challenges of developing countries. It further proposes practical solutions to address them, emphasizing the importance of risk-based understanding, accountability, capacity-building and coordination in achieving effective anti-money laundering and counter-terrorist financing measures. The collection will be essential reading for researchers, academics and policy-makers working in financial crime regulation and international economic law.
