How to Combat Money Laundering and Terrorist Financing - Risk Books
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How to Combat Money Laundering and Terrorist Financing

Edited By Richard Pratt

Overview

How to Combat Money Laundering and Terrorist Financing is a detailed overview of what is expected for regulators and practitioners when establishing defences against money laundering and the financing of terrorism. Building on the FATF recommendations and publications from other bodies, the book gives regulators a practical guide as to how international standards can be adapted to national circumstances and provides the leaders of financial institutions with a guide as to how they can implement a firm-wide compliance strategy, which complements the work of regulators.


A Central Banking Publications book

Publish date: 3 Oct 2005

Availability: In stock

£250.00
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Book description

The war against money laundering, like the war on terrorism and the war on fraud, is not going to go away. Financial regulators and central banks around the world are in the front line of these “wars”.

Governments have stepped up further their demands that all jurisdictions apply international standards and norms – and enforce them effectively.

But this is easier said than done. With the best will in the world, regulators often find these requirements very difficult to implement in practice.

For the many national authorities undertaking or planning significant reforms of their anti-money laundering regimes, there is little independent guidance, as much of the literature in this field is focused on how financial institutions can comply with regulation.

How to Combat Money Laundering and Terrorist Financing fills this gap by providing an objective, independent guide to designing a successful anti money laundering regime, complying with international standards and implementing them effectively.

The book offers the leaders of financial institutions a strategic view of how they can implement firm-wide compliance strategies which complement the work of regulatory authorities.

The book is edited by expert Richard Pratt, former director general of the Jersey Financial Services Commission, and now a regulatory consultant with experience of advising on and conducting assessments of anti-money laundering systems for countries around the world.

Book details

ISBN
9781902182377
Publish date
3 Oct 2005
Format
Paperback
Size
155mm x 235mm

Editor biography

Richard Pratt

Richard Pratt is a consultant on financial services regulation. He conducts assessments of, and provides advice to, a range of regulatory authorities on AML defences, on capital market regulation, on governance and operational issues for financial services regulators, on international regulatory cooperation and on other regulatory issues. He also writes and lectures on these issues. His projects have included regulation in countries in the European Union, Asia, the Middle East and the Caribbean. Pratt was previously director general of the Jersey Financial Services Commission. He was a member of the implementation committee of IOSCO and of the task force that drafted the IOSCO multilateral MoU. He participated in the FATF review of its recommendations on money laundering and terrorist financing. He has also been director of external affairs at the London International Financial Futures and Options Exchange and a policy adviser on financial services regulation in the UK Treasury. Richard is a member of the board of the UK Financial Services Compensation Scheme.

Table of contents

Foreword
Jaime Caruana (then Chairman, Basel Committee and Governor, Bank of Spain)

Introduction
Richard Pratt (formerly Jersey Financial Services Commission)

Part one: Designing anti money laundering and terrorist financing defences

Regulatory action against money laundering and terrorist financing – an overview
Giuseppe Maresca (Italian Treasury)

Assessing the risks arising from money laundering and terrorist financing
Kern Alexander (Judge Institute)

Keeping financial institutions out of the control of criminals
William Ryback (Hong Kong Monetary Authority)

Designing an effective know your customer regime
John Aspden (Isle of Man Financial Services Commission)

Part two: Implementing effective anti-money laundering and terrorist financing defences

Enforcing anti money laundering defences
Martin Owen (Financial Services Authority)

Implementing an effective know your customer regime in banks
Sally Scutt (British Bankers’ Association)

Managing money laundering risks in a global bank
Hans Peter Bauer (UBS)

Implementing an effective know your customer regime in non-financial institutions
Andrew Le Brun (Jersey Financial Services Commission)

Preventing the abuse of payment systems
Veronica Fucile (Bank of Italy)

The Kingdom of Bahrain - a Middle East perspective on the regulator’s role
Khalid Ateeq (Bahrain Monetary Authority)

The war against terrorism: What do prosecutors need?
John Moscow (Rosner Moscow & Napierala and formerly New York District Attorney’s Office)

Part three: International standards

The impact of EU and US standards on foreign financial regulators
Richard Parlour (Financial Markets Law International)

Evaluating progress in the global war on terrorist financing
Jimmy Gurulé (University of Notre Dame Law School)

How the IMF evaluates countries’AML/CFT regimes
Barry Johnson (International Monetary Fund) and Terence Donovan (World Bank)

Appendices

FATF forty recommendations on money laundering

FATF nine special recommendations on terrorist financing

Interview with Alain Damais, FATF executive secretary

References

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