Download or read book Anti Money Laundering and Combating the Financing of Terrorism Inclusion in Surveillance and Financial Stability Assessments Guidance Note written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2012-12-17 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., “predicate crimes” or “predicate offenses”) are so serious as to threaten domestic stability, balance of payments stability, the effective operation of the International Monetary System—IMS— (in the case of Article IV surveillance), or the stability of the domestic financial system (in the case of FSAs).
Download or read book Anti Money Laundering and Combating the Financing of Terrorism written by Internationaler Währungsfonds and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., 'predicate crimes' or 'predicate offenses') are so serious as to threaten domestic stability, balance of payments stability, the effective operation of the International Monetary System-IMS- (in the case of Article IV surveillance), or the stability of the domestic financial system (in the case of FSAs).
Download or read book Anti Money Laundering and Combating the Financing of Terrorism written by and published by . This book was released on with total page 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 Guidance Note for Surveillance Under Article IV Consultations written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-03-20 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This note provides country teams with guidance on bilateral and multilateral surveillance in the context of Article IV consultations. It covers the following issues: Focus on stability. Stability is the organizing principle of surveillance. Article IV consultations should focus on the conduct of economic and financial policies pursued by members to promote present and prospective domestic and balance of payments stability, as well as global economic and financial stability. For the latter, Article IV consultations should discuss spillovers from members’ economic and financial policies that may significantly affect global stability, including alternative policy options that would minimize their adverse impact. Operational guidance. The note provides detailed guidance, suggestions and references in areas covered in surveillance including risks and spillovers, fiscal policy, macrofinancial and monetary policy, BOP stability, structural policies and data issues. Communication and Engagement. Effective two-way communication is key to surveillance, including with the authorities (to help staff’s advice get traction), the Executive Board (to support effective peer review), and the public and other stakeholders (to gain support for necessary policy adjustments). Surveillance messages need to be clear, concise, and focused. The Fund needs to be evenhanded, in line with the principle of uniformity of treatment, for surveillance to command the confidence of the membership. Process and formal requirements. A number of procedures, rules, and requirements are summarized in this note.
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 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 2006-01-01 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition of the Reference Guide is a comprehensive source of practical information on how countries can fight money laundering and terrorist financing. Aimed at helping countries understand the new international standards, it discusses the problems caused by these crimes, the specific actions countries need to take to address them, and the role international organizations play in the process. The Reference Guide is a valuable tool for establishing effective regimes to successfully prevent, detect, and prosecute money laundering and terrorist financing.
Download or read book 2023 Review of The Fund s Anti Money Laundering and Combating The Financing of Terrorism Strategy written by International Monetary Fund. Legal Dept. and published by International Monetary Fund. This book was released on 2023-12-05 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the Fund’s efforts to safeguard financial integrity and proposes the way forward for the Fund’s Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Strategy. For over 20 years, the IMF has recognized that effective AML/CFT frameworks, and financial integrity more broadly, are key to the soundness and stability of the financial sector and to prevent the negative macroeconomic implications of financial crimes on the broader economy of members, progressively integrating this work across all its core functions and in a broad set of Fund policies. The paper takes stock of the implementation of the IMF's AML/CFT strategy since 2018. It also proposes deepening the integration of financial integrity issues and an enhanced focus on the macroeconomic impact of AML/CFT issues for the way forward.
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. Legal Dept. and published by International Monetary Fund. This book was released on 2019-02-04 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: The staff report provides an overview of the Fund's AML/CFT program, since the last review conducted in 2014 and seeks the endorsement of the Executive Board to continue on the basis of the directions given in 2014, with one minor adjustment proposed in relation to Fund-led AML/CFT assessments.
Download or read book Ireland written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-10-21 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: While domestic money laundering (ML) threats are well understood by the authorities, Ireland faces significant and increasing threats from foreign criminal proceeds. As a growing international financial center,1 Ireland is exposed to inherent transnational money laundering and terrorist financing (ML/TF) related risks. The ML risks facing Ireland include illicit proceeds from foreign crimes (e.g., corruption, tax crimes). Retail and international banks, trust and company service providers (TCSPs),2 lawyers, and accountants are medium to high-risk for ML, while virtual asset service providers (VASPs) pose emerging risks. Brexit, the recent move of international banks to Dublin, and the COVID-19 pandemic increased the money laundering risks faced by Ireland. The Central Bank of Ireland (Central Bank) nevertheless has demonstrated a deep and robust experience in assessing and understanding their domestic ML/TF risks; however, an increased focus on risks related to transnational illicit financial flows is required. A thematic risk assessment undertaken by the Anti-Money Laundering Steering Committee (AMLSC) of international ML/TF risks would enhance the authorities’ risk understanding and is key to effective response to the rapid financial sector growth. Introducing data analytics tools, including machine learning to leverage potentially available big data on cross-border payments, would allow for efficient detection of emerging risks. The results of this assessment should be published to improve the understanding of transnational ML/TF risks and feed into the anti-money laundering and combating the financing of terrorism (AML/CFT) policy priorities going forward.
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 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 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 Virtual Assets and Anti Money Laundering and Combating the Financing of Terrorism 2 written by Nadine Schwarz and published by International Monetary Fund. This book was released on 2021-10-14 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this note is to discuss the necessary anti-money laundering and combating the financing of terrorism (AML/CFT) measures and provide examples of practical solutions to implement them. In June 2020, the Financial Action Task Force (FATF) noted that both the public and private sectors have made progress in the implementation of the standards for virtual assets (VA), in particular through updates to national laws and the development of solutions to assist with the travel rule. However, challenges remain; many virtual asset service providers (VASPs) are only beginning to adopt the required AML/CFT measures, a number of jurisdictions are yet to implement the standards for VA and those that have are at the early stages of developing a supervisory regime for VASPs. At the time of drafting, no country had been assessed against the new standards and many country authorities were in the process of establishing how best to incorporate the new standards in their AML/CFT framework. For these reasons, this note does not refer to specific country examples. References to specific products and projects are made for illustrative purposes only and do not constitute an endorsement of these initiatives. This Fintech Note is based on the FATF standards and guidance, in particular those aspects that pertain to VA and VASPs.
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).
