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Reducing Crime
Criminals
Drug trafficking Counterfeiting Smuggling Theft Embezzlement Racketeering Tax evasion Kidnapping Illegal arms sales Bribery Illegal trade of cultural property
Laundering Process
Placement Problems
50,000$ of 10$ bills=2 feet high A bill weighs aprrox. One gram There are aprrox. 454 bills per pound
50lbs of 10$ bills = 227.000$ 50lbs of 20$ bills = 454.000$ 50lbs of 50$ bills =1.135.000$ 50lbs of 100$ bills =2.270.000$ 50lbs cocaine = 600.000$ 50lbs marijuana = 300.000$
Misallocation Of Funds Unpredictable Movements Of Funds Reputation Risk Undermines the Legitimate Private Sector Economic Development issues Loss of Tax Revenue Loss of Control of Economic Policy Other
%2-5 World GNP Annually 500 Billion to 1.5 Trillion USD (FATF) Approaches Issues
INTERNATIONAL EFFORTS
Financial Acton Task Force-1989 The Vienna Conventinon-1988 Basle Committee Statement of Principles-1988 European Union Directive-1991 IOSCO-1992 Other
FAFT
40 Recommendations Country Evaluations Typology Studies Guidelines Mutual Evaluation Identifying Non-Cooperative Countries and Territories
Some Figures
Jurisdiction Banks Bahamas 305 Liechtenstein 17 Seychelles Nauru 400 Comp. 47,040 75,000 4,800 -
http://www.state.gov
1972 Bank Secrecy Act- US 1986 Money Laundering Control Act-US Enactment Of Otter Countries Acts Emerge of Financial Intelligent Units
Criminalization of Laundering Determining Predicate Offences Establishing Of a FIU AML Programs (Reporting, Identification, Recording etc of Transactions.. Etc) Civil &Criminal Liabilities Other (Information Exchange, Education..etc)
1-Disclouseres transmitted to FIU 2-FIU receives additional information from law enforcement 3-Possible exchange with foreign counterpart FIU 4-After analysis, FIU provide case ti prosecutor for action
EGMONT Group-1995 Central national agency responsible for receiving, requesting, analyzing and disseminating to the competent authorities, disclosures of financial information,
Security Markets
Industry Rely on Commissions Due Diligence has taken Perception International, Large, Liquid Nature Availability of many Instruments and Institutions
Layering Stage Lack of Information IOSCO Resolution-1992 GAO survey of Securities Sector of USA
Currency Transaction Reports Funds Transfers and Transmittals Suspicious Activity Reporting-Red Flags Other
Patriot Act-Brokers/Dealers
SEC 312 Private Banking Account SEC 313 Correspondent Account SEC 314 Financial Institution Cooperation Provision SEC 319 Domestic and Foreign Bank Records Production
Patriot Act-Brokers/Dealers
SEC 352 Anti Money Laundering Programs SEC 356 Suspicious Activity Report by the Securities and futures Industry SEC 256 Customer Identification and Verification
Typologies
Conclusion
Reducing Crime Since 1990s Significant Steps has taken Lack of Statistical Data Isolation of NCCOTs from Global Financial Community New Fighting Means Focusing on Detecting