Download or read book United States written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2015-07-07 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The United States’ AML/CFT legal and institutional framework has yet to address deficiencies identified in the most recent Financial Action Task Force mutual evaluation report regarding ownership information for U.S. corporations and trusts. In particular more rapid progress is needed to enhance transparency of legal persons to bolster financial system integrity. Trusts have a different legal and institutional framework, and draft regulations have been produced to strengthen financial institutions’ obligations. These measures are however progressing slowly.

Download or read book United States written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-07-30 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime of the United States is overviewed. The United States has implemented a system that is broadly in line with the international AML/CFT standard. However, many of the recommendations made by the evaluators to address the identified deficiencies have not been addressed, but efforts are under way; notably to introduce a uniform legislation that would require information on beneficial ownership and control of legal persons and arrangements across all the states.

Download or read book United States written by International Monetary Fund and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the Financial Sector Assessment Program for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). The United States' AML/CFT legal and institutional framework has yet to address deficiencies identified in the most recent Financial Action Task Force mutual evaluation report regarding ownership information for U.S. corporations and trusts. In particular more rapid progress is needed to enhance transparency of legal persons to bolster financial system integrity. Trusts have

Download or read book United States written by Ke Chen and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: EXECUTIVE SUMMARY1 This note sets out the findings and recommendations made in the Financial Sector Assessment Program (FSAP) for the United States in the areas of anti-money laundering and combating the financing of terrorism (AML/CFT). It summarizes the findings of a targeted review of measures to prevent U.S. legal persons and arrangements from being misused for money laundering (ML)/financing of terrorism (FT). This discussion is not, in any way, an evaluation or assessment of the U.S. AML/CFT system. The United States will undergo a complete mutual evaluation by the Financial Action Task Force (FATF) beginning June 1, 2015, the results of which will be made public in 2016. The last FATF assessment in 2006 found that the United States had implemented an AML/CFT system that was broadly in line with the international standard, although a significant shortcoming was identified. The United States had significantly strengthened its AML/CFT regime since the previous mutual evaluation, including through enhanced legislation. However, there was a notable shortcoming with respect to the Recommendation addressing customer due diligence (CDD) which is one of the FATF's core Recommendations. There were also other deficiencies regarding the availability of ownership information about corporations and trusts, and the requirements applicable to certain designated non-financial businesses and professions (DNFBPs). The U.S. AML/CFT legal and institutional framework has yet to address deficiencies identified in the most recent FATF mutual evaluation report (MER) regarding ownership information for U.S. corporations and trusts; in particular more rapid progress is needed to enhance transparency of legal persons to bolster financial system integrity. Trusts have a different legal and institutional framework. Draft regulations have been produced to strengthen financial institutions' (FIs) obligations to identify and verify the identity of beneficial owners and policy intentions announced to improve the authorities' access to information on the beneficial ownership (BO) and control of U.S. corporations. These measures---to address deficiencies identified in the last FATF MER of June 2006---are progressing slowly. However, in 2010 U.S. tax authorities began requiring information that includes some BO information from legal entities and trusts applying for an Employer Identification Number (EIN), which is required when they have income, employees, or are otherwise required to file any documents with the Internal Revenue Service (IRS) or open an account with an FI. Nonetheless, deficiencies remain, and even when completed, the intended changes may not completely address all of the deficiencies cited in the last FATF mutual evaluation report. The approach taken by law enforcement agencies (LEAs) to access BO information---relying largely on a wide range of investigative powers and techniques---while often successful cannot always ensure timely access to current BO information of all U.S. corporations. The 1 This note was prepared by Ke Chen, Stephen Dawe, and Gianluca Esposito (all IMF's Legal Department).

Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2023-06-21 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note (TN) discusses anti-money laundering and combating the financing of terrorism (AML/CFT) supervision and was prepared within the specific constraints noted below. This International Monetary Fund (IMF)-World Bank analysis of the AML/CFT supervision of the West African Economic and Monetary Union (WAEMU) banking sector benefited from the cooperation of the regional authorities, including the Banking Commission (BC)/General Secretariat of the BC (GSBC), the Central Bank of West African States (BCEAO), and the financial intelligence units (FIUs) of several WAEMU member states, and from consultation with private sector representatives. However, the analysis was constrained by the authorities’ confidentiality concerns and by the COVID-19 pandemic. Documents considered “confidential” were made available in hard copy at the BCEAO’s offices in Paris, France, but pandemic-related restrictions prevented the (U.S.-based) authors from traveling overseas to review them. By contrast, the authors were permitted to review certain other, “sensitive” documents electronically, but not to reveal or reproduce the information contained therein. As a result, the observations and recommendations in this TN are focused on the BC/GSBC’s supervisory methodology and procedures; those instances in which the authors were unable to review key documents, cite pertinent information, or form specific views are noted where relevant in the text.

Download or read book United Kingdom written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-17 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the findings and recommendations made in the context of the 2016 Financial Sector Assessment Program for the United Kingdom in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). Since the 2011 FSAP, steps have been taken to strengthen the AML/CFT regime. Although significant progress has been made since the United Kingdom’s 2007 mutual evaluation against the previous Financial Action Task Force standard, the authorities are now in the process of bringing their AML/CFT framework in line with the prevailing standard, which was revised in 2012. The United Kingdom has recently adopted a comprehensive reform package to enhance entity transparency.

Download or read book United Kingdom written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-16 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the findings and recommendations made in the context of the 2016 Financial Sector Assessment Program for the United Kingdom in the areas of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). Since the 2011 FSAP, steps have been taken to strengthen the AML/CFT regime. Although significant progress has been made since the United Kingdom’s 2007 mutual evaluation against the previous Financial Action Task Force standard, the authorities are now in the process of bringing their AML/CFT framework in line with the prevailing standard, which was revised in 2012. The United Kingdom has recently adopted a comprehensive reform package to enhance entity transparency.

Download or read book Austria written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2020-03-02 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrorism. It provides a targeted review of Austria’s progress in addressing the Money Laundering/Terrorism Financing vulnerabilities. Several initiatives, the amendments introduced to the Financial Markets Anti-Money Laundering Act, the Beneficial Owners Register Act, and other sectoral laws have led to significant enhancements of the legal and regulatory framework which resulted in a number of upgrades on technical compliance ratings by the Financial Action Task Force in the context of the two follow-up reports. The authorities took steps to transpose the Fourth and the Fifth Anti-Money Laundering Directives into national legislation. Steps have been taken to improve the legal and regulatory framework that applies to lawyers, notaries and tax advisors, and other Designated Non-Financial Business and Professions, but there is room for enhancing implementation. The authorities have recently adopted a comprehensive set of reforms to enhance entity transparency, including through the establishment of a Register of Beneficial Ownership.

Download or read book France written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2019-10-29 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This technical note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime in France summarizes the findings of a targeted review of France’s AML/CFT framework with respect to measures to prevent and combat terrorist financing (TF), risk-based supervision of banks, real estate agents, company service providers and lawyers, measures to tackle cross-border crimes, and fintech. It provides a factual update on the key measures taken by the authorities since France’s previous assessment. Authorities are recommended to promote stronger AML/CFT controls by enhancing supervision of lawyers and the real estate sector and providing more guidance on cross-border money laundering threats. French banks are employing increasingly sophisticated tools, including machine learning, to carry out their due diligence obligations with respect to TF. More systematic guidance on TF-related indicators and timely feedback may help banks’ detection of potential of TF and to reduce risks of financial exclusion.

Download or read book Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-08-28 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in the area of anti–money laundering and combating the financing of terrorism (AML/CFT). Since the last FSAP update, important steps have been taken to strengthen the AML/CFT regime. Luxembourg’s risk profile appears to be evolving as a result of the authorities’ push for increased tax transparency. Transparency of the beneficial ownership of legal persons has also improved. AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.

Download or read book Luxembourg written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2017-08-28 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Technical Note discusses the findings and recommendations made in the 2017 Financial Sector Assessment Program (FSAP) Update for Luxembourg in the area of anti–money laundering and combating the financing of terrorism (AML/CFT). Since the last FSAP update, important steps have been taken to strengthen the AML/CFT regime. Luxembourg’s risk profile appears to be evolving as a result of the authorities’ push for increased tax transparency. Transparency of the beneficial ownership of legal persons has also improved. AML/CFT supervision has been strengthened in recent years, but challenges remain, including with respect to lawyers.

Download or read book Germany written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2016-06-29 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the findings and recommendations in the selected areas of Germany’s Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime made in the context of the Financial Sector Assessment Program. It summarizes the findings of a targeted review of Germany’s money laundering offense, measures to ensure the transparency of legal persons, and the implementation of AML/CFT measures by banks with cross-border operations. According to the 2010 Mutual Evaluation Report, Germany is vulnerable to ML and FT for following reasons: its strategic location in Europe and large economy, open financial center, open borders, and strong international linkages.

Download or read book United States written by and published by . This book was released on 2010 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Review of the Fund s Strategy on Anti Money Laundering and Combating the Financing of Terrorism written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-02-20 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program represents an important contribution to the international community’s response to money laundering and terrorist financing over the past decade. The program originally focused primarily on (a) AML/CFT assessments – as part of the Reports on the Observance of Standards and Codes (ROSC) program and of the Financial Sector Assessment Program (FSAP) – and (b) capacity development activities. Following guidance provided by the Board in 2011, money laundering, terrorist financing and related predicate crimes issues (hereinafter also referred to as financial integrity issues) are being raised in the context of surveillance when they are judged to affect domestic and balance of payments stability. Moreover, some recent Fund-supported programs have also incorporated financial integrity issues.

Download or read book Anti Money Laundering and Combating the Financing of Terrorism AML CFT Review of the Effectiveness of the Program written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2011-11-05 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fund’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) program has significantly contributed to the international community’s response to money laundering and the financing of terrorism. This paper reviews how the Fund’s AML/CFT program has evolved during the past five years and discusses how the Fund could move forward in this area. The past five years have witnessed significant changes to the Fund’s AML/CFT technical assistance program. It is now being delivered more strategically than in the past and is almost exclusively funded by external resources. Its central pillar is now the AML/CFT Topical Trust Fund.

Download or read book Twelve Month Pilot Program of Anti Money Laundering and Combating the Financing of Terrorism AML CFT Assessments and Delivery of AML CFT Technical Assistance Joint Interim Progress Report written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2003-03-31 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL

Download or read book Twelve Month Pilot Program of Anti Money Laundering and Combating the Financing of Terrorism AML CFT Assessments Joint Report on the Review of the Pilot Program written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2004-10-03 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL