Combating Money Laundering and the Financing of Terrorism: A by World Bank, International Monetary Fund

By World Bank, International Monetary Fund

Funds laundering and the financing of terrorism are worldwide difficulties that not just threaten a country’s safety, but in addition compromise the steadiness, transparency, and potency of its economy, as a result undermining its fiscal prosperity. the once a year worldwide estimate for cash laundering is greater than $1 trillion, valued in U.S. money. Efforts to counter those actions are often called anti–money laundering and battling the financing of terrorism (AML/CFT) programs.

The 'Combating cash Laundering and the Financing of Terrorism' education software used to be built through the realm Bank’s monetary marketplace Integrity Unit, with help from the governments of Sweden, Japan, Denmark, and Canada. this system may also help international locations construct and develop their AML/CFT efforts by means of education all correct employees in either the private and non-private sectors, akin to employees in fi nancial intelligence devices, monetary supervisory professionals, legislations enforcement enterprises, and fiscal institutions.

The education guide’s modules are:
Module 1: results on monetary improvement and overseas Standards
Module 2: criminal requisites to satisfy foreign Standards
Module 3a: Regulatory and Institutional necessities for AML/CFT
Module 3b: Compliance requisites for monetary Institutions
Module four: construction an efficient monetary Intelligence Unit
Module five: household (Inter-Agency) and overseas Cooperation
Module 6: scuffling with the Financing of Terrorism
Module 7: Investigating cash Laundering and Terrorist Financing

The modules conceal the entire monetary motion activity strength on Anti–Money Laundering’s 40 suggestions and 9 targeted concepts, with the unique texts. each one module is focused at a selected staff of execs in a jurisdiction’s AML/CFT regime, even supposing they could additionally take advantage of gaining wider wisdom during the different modules incorporated during this application. each one module offers questions initially and finish to evaluate how a lot has been realized. the learning advisor comprises various case reviews, discussions and analyses of hypothetical and real examples of cash laundering schemes, and most sensible practices in research and enforcement, so as to support readers absolutely comprehend the implementation of winning AML/CFT courses.

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Additional resources for Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide

Example text

Ratification and implementation of UN instruments related to financing of terrorism II. Criminalizing the financing of terrorism and associated money laundering III. Freezing and confiscating terrorist assets IV. Reporting suspicious transactions related to terrorism V. International cooperation relating to the financing of terrorism, terrorist acts, and terrorist organizations VI. Requirements for alternative remittance transfers VII. Requirements for wire transfers VIII. Requirements for nonprofit organizations IX.

While the Bank and the IMF would continue to assess countries’ compliance with the standards, they would commit more resources to supplying technical assistance to help countries bring their systems into compliance with international standards. As part of their technical assistance efforts, the Bank and the IMF organized a Global Policy Dialogue Series that promoted awareness of money laundering and terrorist financing (c) The International Bank for Reconstruction and Development / The World Bank Effects on Economic Development and International Standards | 31 control and prevention.

The FSRBs, several of which are now associate members of the FATF, play an important leadership role in their respective regions and provide important regional expertise and input into the FATF policymaking function. The FATF and FSRBs will continue to strengthen their working relationships, as well as extending outreach at a regional level with key partners. (c) The International Bank for Reconstruction and Development / The World Bank 50 | Module 1 VI. Operational Issues (a) FATF Structure and Organization 18.

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