by Pierre-Laurent Chatain , John McDowell , Cedric Mousset , Paul Allan Schott , Emile Van der Does
English Paperback 300 pages 7 x 10
Published May 2009 by World Bank ISBN: 0-8213-7912-7 ISBN-13: 978-0-8213-7912-7 SKU: 17912
The current financial crisis poses many challenges to all countries and is having a significant impact on economies and societies throughout the world. The need for funds might lower financial institutions’ vigilance as to the provenance of those funds. Supervisors also might prudently be focusing on coping with the crisis, affecting their supervision of measures for anti-money laundering and combating the financing of terrorism (AML/CFT). It will take increased efforts to ensure that AML/CFT concerns remain a priority for both banks and their supervisors.
Effective supervision is central to the success of a country’s AML/CFT system. However, fieldwork in both developed and developing countries has shown an overall low compliance in the supervision of banks and other financial institutions. In fact, supervisory compliance with AML/CFT recommendations is generally lower than the average level of compliance with other recommendations of the Financial Action Task Force (FATF). By providing examples of good practices, Preventing Money Laundering and Terrorist Financing will help countries improve AML/CFT supervision in the banking sector.
This practical guide supports the implementation of international standards established by the FATF and other bodies by providing examples of AML/CFT supervisory regimes in both developed and developing countries, describing the implementation of good practices in AML/CFT supervision and enforcement, and giving practical advice on how a particular jurisdiction might incorporate AML/CFT into its supervisory regime.
Designed specifically for bank supervisors, this guide will also be of interest to readers working in the areas of finance, corruption prevention, law, accounting, and corporate governance.
Table of Contents
Endorsements
"...this is a fantastic book, very resourceful and a must read for all." Razim Buksh, Director, Fiji Financial Intelligence Unit
Introduction
Chapter 1. Designing an Effective AML/CFT Supervisory Framework
1. Overview
2. The Importance of AML/CFT to Policy Makers and Supervisors
3. Demonstrated Political Will Is the Key to Success
4. Importance of Collaboration and Cooperation
5. Organizational Approaches for Effective AML/CFT Supervision
6. Principles for an Effective AML/CFT Supervisory Framework
Chapter 2. Risk Management in Combating Money Laundering and Terrorist Financing
1. Overview
2. Introduction to Money Laundering/Terrorist Financing Risk Management
3. Overview of the Risks Associated with Money Laundering, Terrorist Financing, and Related Compliance Issues
4. The ML/FT Risk Assessment Process from the Bank Perspective
5. Expected Outcomes of the ML/FT Risk Assessment
Chapter 3. The Licensing Process and AML/CFT Due Diligence
1. Overview
2. Summary of the Licensing Requirements for Banks
3. Considerations for an Effective Licensing Process
Chapter 4. AML/CFT Off-Site Supervision
1. Overview
2. Main Features of the Off-Site Supervision System
3. Key Tasks to Be Performed by Off-Site Examiners
4. Other Responsibilities of Ongoing Supervision
Chapter 5. The On-Site Supervisory Process
1. Overview
2. Examination Issues and Approaches
3. Planning and Preparing for the AML/CFT On-Site Examination
4. Overview of the Key Areas to Be Assessed
5. Preparing the Examination Report
Chapter 6. Sanctions and Corrective Measures to Be Taken by Competent Authorities
1. Overview
2. General
3. Summary of Possible Rulings and Remedial Measures
4. Examples of Enforcement and Sanctions Applied in Several Countries
5. General Overview of the Basic Requirements for Effective Sanction Proceedings
Chapter 7. National and International Cooperation
1. Overview
2. The Importance of Cooperation
3. National Cooperation
4. International Cooperation
Source. IMF
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