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.

Preventing Money Laundering and Terrorist Financing: A Practical Guide for Bank Supervisors (World Bank Publications)

Business & Money

McDowell, John

Chatain, Pierre-Laurent

Schott, Paul Allan

Van Der Does De Willebois, Emile

Mousset, Cedric

Economics

World Bank Publications

One of the ways in which terrorist organisations raise and transfer funds, is by using non-profit organisations (NPOs). Ever since the adoption of the Special Recommendation VIII on the abuse of NPOs for Terrorism Financing purposes by the FATF in 2001, countries have struggled to find a proper way to address this potential terrorism financing risk. In many important ways however, the work of NPOs deal with the conditions conducive to the spread of terrorism, so it is essential that in trying to address one aspect of the terrorist threat – terrorism financing- we do not inadvertently diminish the impact of other ways of tackling the issue.This article argues that in discussing the threat and how to address it, policy-makers need to be specific, not tainting the whole sector with the same brush. Virtually all governments already interact with the NPO sector and those avenues should be used for dealing with this issue- it is inefficient and ultimately counterproductive to devise an entirely new regulatory framework. The ultimate objective is to enhance the transparency of the sector- the people in charge of NPOs, their sources of funds and particularly the way those funds are spent. That aim serves a much wider purpose than just countering terrorism financing and touches on many aspects of civil society good governance that the sector itself and others have been debating for a long time. When devising public policy on this issue the contribution of the NPO sector to fighting terrorism be recognized and used to its full advantage. Moreover the sector’s own stake in being “clean” and being so regarded by others should be acknowledged, thus making them an indispensable partner in drawing up such policies. For the same reason, self-regulation should be considered.

Nonprofit Organizations and the Combatting of Terrorism Financing: A Proportionate Response (208) (World Bank Working Papers)

Finance

Billions in corrupt assets, complex money trails, strings of shell companies and other spurious legal structures. These form the complex web of subterfuge in corruption cases, behind which hides the benefi cial owner―the puppet master and benefi ciary of it all. Linking the benefi cial owner to the proceeds of corruption is notoriously hard. With sizable wealth and resources on their side, they exploit transnational constructions that are hard to penetrate and stay aggressively ahead of the game. Nearly all cases of grand corruption have one thing in common. They rely on corporate vehicles ― legal structures such as companies, foundations, and trusts―to conceal ownership and control of tainted assets. The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It takes these corporate vehicles as its angle of investigation. It builds upon cases, interviews with investigators, corporate registries and fi nancial institutions, as well as a “mystery shopping” exercise that provide factual evidence of a criminal practice. This approach is used to understand the nature of the problem and design policy recommendations to facilitate the investigative process by unraveling the complex world of corporate vehicles. This report is solidly built on step-by-step arguments and designed to deliver practical, applicable, and well substantiated recommendations. It is intended for use by policy makers in developing national legislation and regulation as well as international standard setters. It also provides helpful information for practitioners engaged in investigating corrupt offi cials and academics involved in the study of fi nancial crime.

The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It (StAR Initiative)

Sharman, J.C.

Harrison, Robert

Park, Ji Won

Halter, Emily

Preventing Money Laundering and Terrorist Financing, Second Edition: A Practical Guide for Bank Supervisors

Bökkerink, Maud

The World Bank

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