Download or read book Money Laundering and Terrorism Financing Risks Posed by Alternative Remittance in Australia written by David Rees and published by . This book was released on 2010 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Alternative Remittance Systems and Terrorism Financing written by Matteo Vaccani and published by World Bank Publications. This book was released on 2009-11-23 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Governments, through their regulatory bodies, typically regulate formal financial sector players such as banks, which can leave providers working in informal remittance systems outside regulatory channels. Value transfer services financial transfers performed domestically or across borders on behalf of clients are essential to the financial system, and as such, are often offered by both formal and informal actors. Law enforcement and counter-terrorism authorities are evaluating money and value transmission channels for vulnerabilities that may make these channels attractive for illicit use, including the financing of terrorism. 'Alternative Remittance Systems and Terrorism Financing: Issues in Risk Management' aims to help countries bring these informal alternative remittance systems into their counter-terrorism programs, without hindering the ability of those who depend on these systems to send and receive money at low cost.

Download or read book Anti money Laundering and Counter terrorism Financing Law and Policy written by Anne Imobersteg Harvey and published by BRILL. This book was released on 2019-06-03 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides one of the first accounts of AML/CFT legislation in Australia, sets the international policy context, and outlines key international legal obligations. To minimise the negative impact on personal freedoms, it proposes a reading of Australian provisions in line with international caselaw. Expanding her analysis on the international level, the author offers an appraisal of the measures taken, both in terms of criminal policy and cost for civil society. She argues that the development of soft law and the increased powers given to law enforcement agencies, which sub-contract surveillance to the private sector, further erode the legitimacy of State action and the rule of law, and ultimately the democracy the laws were meant to protect.

Download or read book Money Laundering and Terrorism Financing Risks to Australian Non profit Organisations written by Samantha Bricknell and published by . This book was released on 2011-01-01 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the risks to Australin non-profit sector of money laundering and terrorism financing and describes the regulatory changes that could minimise risk. The report uses information derived from government, non-government and peer reviewed literature, case law and regulatory reports, observations made by representatives from non-profit sector, law enforcement and key regulatory agencies, and academia.

Download or read book Risks of Money Laundering and the Financing of Terrorism Arising from Alternative Remittance Systems written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The events of 11 September 2001 have heightened interest in ensuring that all sectors of the financial system are not misused either by criminal or terrorist groups. In addition to conventional banks, money and value can be transferred by alternative remittance providers who have, until recently, not been closely regulated. Regulators are concerned that the informal nature of these businesses may lead to their use by terrorist groups and other criminals. This brief considers the characteristics of alternative remittance businesses, the risks they pose and some of the current responses to these risks.

Download or read book Regulatory Frameworks for Hawala and Other Remittance Systems written by International Monetary Fund and published by International Monetary Fund. This book was released on 2005-03-24 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hawala and other remittance systems have gained attention in recent years with the substantial growth of remittance flows from countries with large migrant labor forces and with increased focus on combating money laundering and the financing of terrorism. The IMF and the World Bank have been researching these systems since 2002 to better understand the interplay of historical, cultural, and economic factors that promote such systems. This book is a survey of regulatory practices and an overview of experiences in different countries, and includes articles on regulatory frameworks in remitting and receiving countries and on the problems that can arise when regulating remittance systems.

Download or read book Alternative Remittance Systems and Terrorism Financing written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper is designed to cover a subset of such category, i.e. the realm of unregulated/informal Alternative Remittance Systems, also known as informal value transfer systems (IVTS). In these cases, operators form a parallel, underground financial system aimed at rapidly and effectively moving value within or between jurisdictions, often without being detected by regulators and law enforcement, and usually without available transaction records. Where prevalent (as it is often the case in low-income economies), ARS are frequently the only mechanism by which the poor or isolated can send and receive funds and therefore provide an essential service to facilitate economic activity. On the other hand, money and value transmission channels are being evaluated for vulnerabilities that may make them attractive for illicit use, including the financing of terrorism. The paper aims to help countries trying to bring these informal alternative remittance systems into their counter-terrorist financing regime without hindering the poor??s ability to effectively send and receive funds at low cost.

Download or read book Combating Money Laundering and Terrorist Financing written by Commonwealth Secretariat and published by Commonwealth Secretariat. This book was released on 2006 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. This second edition now includes additional information on understanding how terrorism is financed. It incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations.

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 Making Remittances Work written by Emiko Todoroki and published by World Bank Publications. This book was released on 2014-06-19 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 survival. 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 Australia s Financial Planning Sector written by Australian Transaction Reports and Analysis Centre and published by . This book was released on 2016 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Closure of Bank Accounts of Remittance Service Providers Global Challenges and Community Perspectives in Australia written by Louis de Koker and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 2014, the policy focus on large-scale bank account closures of remittance service providers - generally called 'de-risking' - intensified internationally as well as in Australia. While the dilemma of these providers is the result of a complex combination of factors, money laundering and terrorist financing risks feature prominently. Money laundering and terrorist financing laws shifted national security-related financial risk control (including the costs of the risk control measures) to banks, lessening the commercial viability of relationships with small, higher risk customers. Legal rules, furthermore, allow banks to choose who may access their services, including accessing the national payment system via banks, and to terminate their contractual relationships with a customer, as long as they give proper notice.In view of growing evidence of large-scale account closures globally, international standard-setting bodies and national regulators issued statements calling on banks not to engage in such account closures. No compelling evidence has yet emerged that these calls have stemmed the de-risking tide. While an increasing number of publications focus on the nature and extent of these closures, and their impact on remittance service providers, this article considers the policy and legal challenges in view of perspectives of migrant communities who rely on independent community-based remittance providers. It reflects the voices of members of primarily Horn of Africa migrant communities in Melbourne collected during a pilot study of the community views of de-risking closures. It finds that the lack of community engagement by regulators and banks may foster increased social exclusion of members of affected migrant communities. The article argues for active engagement of the affected communities to understand the risks relating to these account closures and to find appropriate solutions, including legal solutions, to protect the significant individual, community, and public interests at stake. Such solutions include (i) recognising a right to a payment account, (ii) increased public-private partnerships between regulators and banks, including in relation to utilities, to enable them to manage integrity risks relating to remittance providers effectively and efficiently, and (iii) improved risk-based regulation and supervision of remittance service providers.

Download or read book Palau written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-01-13 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Palau’s detailed assessment report on Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) has been examined. Palau has strengthened its AML/CFT legislative framework that has been in place since 2001 with the amendments to the Money Laundering and Proceeds of Crime Act of 2001 (MLPCA) and the Financial Institutions Act of 2001, as well as the enactments of the Counter-Terrorism Act of 2007 and the Cash Courier Disclosure Act of 2007. The offense of money laundering is criminalized in the MLPCA.

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 Controlling Hawala in Australia written by Rhys James Thompson and published by . This book was released on 2014 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Informal Funds Transfer Systems written by Mr.Samuel Munzele Maimbo and published by International Monetary Fund. This book was released on 2003-08-18 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the terrorist attacks of September 11, 2001, there has been increased public interest in informal funds transfer (IFT) systems. This paper examines the informal hawala system, an IFT system found predominantly in the Middle East and South Asia. The paper examines the historical and socioeconomic context within which the hawala has evolved, the operational features that make it susceptible to potential financial abuse, the fiscal and monetary implications for hawala-remitting and hawala-recipient countries, and current regulatory and supervisory responses.

Download or read book Anti money Laundering and Counter terrorism Financing Across the Globe written by Julie Walters and published by . This book was released on 2011-01-01 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most developed countries across the globe have enacted to prescribe acts of money laundering and financing of terrorism, and to enable the proceeeds of crime to be recovered from offenders. Despite the normative approach taken in the FATF-GAFI recommendations, the specific legislative and procedural responses taken by individual countries have differed in many respects. Law enforcement and prosecutorial agencies need to understand the differences that exist in criminal law relating to money laundering between different countries when investigating and prosecuting illegal conduct, as conduct of this nature often entails cross-border activity requiring mutual assistance between agencies and extradition of suspects across jurisdictional borders. The countries included were the European Union (the United Kingdom, France, Germany and Belguim), Asia (the Republic of China (Taiwan), Hong Kong and Singapore), the United States and Australia.