By Mark Pieth
The entire significant monetary centres have skilled an increase in anti-money laundering principles and laws. at the beginning, anti-money laundering legislation have been used as a weapon within the battle on medications, when extra lately they've been deployed within the ongoing struggle opposed to terrorism. those advancements, the authors display, have had critical results for banks and different monetary associations - affecting not just revenue margins but in addition the way enterprise is carried out. Topical and pertinent concerns addressed during this booklet contain questions comparable to, has the entire fresh legislative job quite placed a cease to the matter? Are the foreign ideas being applied as conscientiously as they need to? How point is the enjoying box in go border banking? The regimes and implementation of anti-money laundering legislation and laws of 4 significant, go border, monetary centres also are tested intensive: Switzerland, Singapore, the united kingdom, and the united states. Going past the only descriptive, there are comparative analyses of those international locations opposed to latest foreign criteria - with illuminating effects. This new booklet is filled with unique perception and research and may be a useful source for attorneys, either scholarly and practitioner established, with an curiosity in financial crime in addition to policymakers and compliance officials inside banks and different monetary associations.
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Extra info for A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA
From a current perspective, the text is rather basic, however it has been a crucial contribution to the creation of modern CDD rules: Clearly drawing on the Swiss CDB, as far as it relates to customer identification, giving the backbone of the ‘Know-your-customer (KYC)-principle’, namely: ‘Banks should make reasonable efforts to determine the true identity of all customers’. The details though were still left open. It went on to state; ‘It should be an explicit policy that significant business transactions will not be conducted with customers who fail to provide evidence of their identity’.
Theoretically, this would be relatively unproblematic because such Recommendations would ultimately have to be translated into domestic law by national parliaments. However, these Recommendations have proved to be politically binding. The peer process depends on ‘naming-and-shaming’ mechanisms, but in practice states – at least the smaller ones – do not have a choice of whether to implement or ignore the Recommendations. The ‘Forty Recommendations’ even include formal sanctioning procedures, when special attention is requested in relation to persons, companies and financial institutions based in countries that apply these Recommendations insufficiently (Rec.
To date, sanctioning procedures within the Group have generally been far more subtle in practice. 34 It opens up the process to the pragmatic expansionism of crime control concepts, it does not guarantee respect for the rule of law and, ultimately, the risk of hegemony is 12 A comparative guide to anti-money laundering germane to the notion of peer pressure. Insistence on the Nation State’s ways of law making is no real alternative when developing internationally co-ordinated rules as long as there is no ‘World Parliament’.
A Comparative Guide To Anti-Money Laundering: A Critical Analysis Of Systems In Singapore, Switzerland, The Uk And The USA by Mark Pieth