money laundering hide disguise true origin of the criminal proceeds
TRANSCRIPT
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Money Laundering
Hide Disguise
TRUE ORIGIN OF THE CRIMINAL PROCEEDS.
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Criminals…Law Enforcement Authorities
Law Enforcement Authorities Reducing Crime
Criminals Retain Funds Recycle for Further Crimes
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Predicate Offences (Unlawful Activities) Drug trafficking Counterfeiting Smuggling Theft Embezzlement Racketeering Tax evasion Kidnapping Illegal arms sales Bribery Illegal trade of cultural property
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Laundering Process
Placement Layering Integration
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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$
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ECONOMIC IMPACTS OFMONEY LAUNDERING
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
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Estimation Of Laundered Money
%2-5 World GNP Annually 500 Billion to 1.5 Trillion USD (FATF) Approaches Issues
Hidden activities Difference in Predicate offences Black money>Laundered money
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INTERNATIONAL EFFORTS
Financial Acton Task Force-1989 The Vienna Conventinon-1988 Basle Committee Statement of
Principles-1988 European Union Directive-1991 IOSCO-1992 Other
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FAFT
40 Recommendations Country Evaluations Typology Studies Guidelines Mutual Evaluation Identifying Non-Cooperative
Countries and Territories
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Latest FATF Report About NCCOT’s
NCCOT’s Jurisdictions Subject To The
monitoring Process
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Off Shore Centers
Tax Evasion Evading Strict Regulation Money Laundering
Confidentiality Weak Supervision Owning a bank, company
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Some Figures
Jurisdiction Banks Comp.Bahamas 305 47,040Liechtenstein 17 75,000Seychelles - 4,800Nauru 400 -
http://www.state.gov
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A Brief History of Combating
1972 Bank Secrecy Act- US 1986 Money Laundering Control
Act-US Enactment Of Otter Countries Acts Emerge of Financial Intelligent
Units
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Scope of The ACT’s 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)
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Basic FIU Model
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
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Egmont Group and Definition of FIU
EGMONT Group-1995 Central national agency responsible for
receiving, requesting, analyzing and disseminating to the competent authorities, disclosures of financial information, concerning suspected proceeds of crime in order to counter money laundering.
FIU’s of Some Countries
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Security Markets
Industry Rely on Commissions Due Diligence has taken
Perception International, Large, Liquid Nature Availability of many Instruments
and Institutions
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Securities Market (Cont)
Layering Stage Lack of Information IOSCO Resolution-1992 GAO survey of Securities Sector of
USA
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Patriot ACT –Brokers/Delaers
Before Patriot Act Currency Transaction Reports Funds Transfers and Transmittals Suspicious Activity Reporting-Red
Flags Other
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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
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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
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Typologies
Typologies from FATF and Other Sources
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Conclusion
Reducing Crime Since 1990’s Significant Steps has
taken Lack of Statistical Data Isolation of NCCOT’s from Global
Financial Community New Fighting Means Focusing on
Detecting