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Anti-Money LaunderingThe Nature of the FIU from the Perspective of International Standards

Anti-Money Laundering: The Nature of the FIU from the Perspective of International Standards [In this chapter I discuss the FIU from the perspective of international standards. The FATF is considered to be a global standard setter for counteracting ML. In section “The General Features of the FATF”, I examine the Forty FATF Recommendations, which set out the international standards for combating ML, and I assess whether these Recommendations are obligatory and therefore have to be implemented and adopted by national anti-money laundering laws (NAMLL) in member states. I scrutinise the international requirements which reporting entities, such as banks and other financial institutions, have to discharge in relation to AML. This includes CDD measures, record keeping and STRs requirements. These requirements are essential for reporting entities to identify an STR and to determine whether or not to send the STR to the national FIU. In addition, it will be discussed how the FATF mechanism assists in assessing whether provisions of NAMLL are compatible with the Recommendations.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Anti-Money LaunderingThe Nature of the FIU from the Perspective of International Standards

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Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act.
ISBN
978-1-137-59454-9
Pages
65 –115
DOI
10.1057/978-1-137-59455-6_4
Publisher site
See Chapter on Publisher Site

Abstract

[In this chapter I discuss the FIU from the perspective of international standards. The FATF is considered to be a global standard setter for counteracting ML. In section “The General Features of the FATF”, I examine the Forty FATF Recommendations, which set out the international standards for combating ML, and I assess whether these Recommendations are obligatory and therefore have to be implemented and adopted by national anti-money laundering laws (NAMLL) in member states. I scrutinise the international requirements which reporting entities, such as banks and other financial institutions, have to discharge in relation to AML. This includes CDD measures, record keeping and STRs requirements. These requirements are essential for reporting entities to identify an STR and to determine whether or not to send the STR to the national FIU. In addition, it will be discussed how the FATF mechanism assists in assessing whether provisions of NAMLL are compatible with the Recommendations.]

Published: Jul 9, 2016

Keywords: Financial Institution; International Monetary Fund; Competent Authority; Financial Crime; Financial Action Task Force

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