The war against money laundering, like the war on terrorism and the war on fraud, is not going to go away. Financial regulators and central banks around the world are in the front line of these "wars".
Governments, led by the United States, have stepped up further their demands that all jurisdictions apply international standards and norms - and enforce them effectively. But this is easier said than done. With the best will in the world, regulators often find these requirements very difficult to implement in practice.
This new reference guide will assist regulators in designing a successful anti money laundering regime, complying with international standards and implementing them effectively, and it will help them to avoid being blamed for failures.
It is edited by Richard Pratt, former director general of the Jersey Financial Services Commission, and now a regulatory consultant with experience of advising on and conducting assessments of anti money laundering systems for countries around the world.
Key topics:
How to Combat Money Laundering and Terrorist Financing draws on expertise from around the world to cover all topics of practical concern to regulators charged with combating money laundering and the financing of terrorism.
The purpose and scope of anti money laundering regulations - understanding the need for effective AML regulations, the risks that money laundering poses, and the challenges of creating an effective and integrated anti money laundering regime.
Know your customer - how can this concept be implemented in an intelligent and practical way, from the perspective of regulators and regulated institutions.
A risk-based approach - how supervisors and firms can focus their efforts on the most at-risk areas, without overburdening other institutions and clients with unnecessary regulations.
Preventing the abuse of payment systems - dealing with the threats facing this critical area, and confronting challenges posed by new developments such as hawala transfers and electronic money.
International standards - a comprehensive assessment of how both nationally-based and international standards impact on the work of regulators, including the extraterritorial implications of US standards.
Demonstrating compliance - how to build and defend your reputation for a robust and effective anti money laundering regime, including what evaluators from international agencies will look for and how to prepare for their visit.
Contributors include:
John Aspden, chief executive of the Financial Supervision Commission in the Isle of Man;
William Rybeck, deputy chief executive of the Hong Kong Monetary Authority;
Barry Johnston and Terence Donovan, International Monetary Fund;
Giuseppe Maresca, director general of the financial crime department, Italian Ministry of Finance;
John Moscow, former prosecutor in the New York District Attorney's Office;
Hans-Peter Bauer, chairman of the Wolfsberg Group and former head of regulatory relations at UBS.
