Financial Action Task Force (FATF) and FATF-Style Regional Bodies Efforts to Combat Money Laundering in Casino Gambling—Part 1

2014 ◽  
Vol 18 (6) ◽  
pp. 557-574 ◽  
Author(s):  
Leonard C. Senia
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Casino Gambling ◽  
Financial Action Task Force ◽  
Financial Action Task ◽  
Combat Money Laundering

scholarly journals Anti-money laundering recommendations for cash-based economies in West Africa.

2013 ◽  
Vol 11 (1) ◽  
pp. 24-32
Author(s):  
Ronald H Mynhardt ◽  
Johan Marx
Keyword(s):  
West Africa ◽  
Money Laundering ◽  
Financial Institutions ◽  
Task Force ◽  
Financial Action Task Force ◽  
Financial Action Task ◽  
Combat Money Laundering

Money laundering can boost corruption, worsen poverty, and bankrupt vulnerable financial institutions. In view of this, a study was conducted amongst the banks in West Africa, in cash-based economies, with the objective to ascertain the level of their Financial Action Task Force implementation. The study found that the implementation of the Financial Action Task Force recommendations in these countries was at different stages due to these countries being cash-based economies. The majority of these countries have anti-money laundering legislation but lack the capability to monitor and counter money laundering activities. This may be ascribed to a lack of adequate resources, expertise, investigations and prosecution capabilities. Some amendments to the Financial Action Task Force recommendations are proposed to incorporate cash-based economies in order to effectively combat money laundering.

Iran will equivocate over money laundering

2018 ◽  
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Financial System ◽  
Foreign Minister ◽  
Financial Action Task Force ◽  
Content Type ◽  
Terrorism Financing ◽  
Financial Action Task ◽  
Global Financial System ◽  
Combat Money Laundering

Significance The Financial Action Task Force (FATF), a global body that works to combat money laundering and terrorism financing, has threatened to impose countermeasures on Iran in February 2019 if it does not comply with mandated reforms. This would effectively cut Iran out of the global financial system. Impacts Political considerations by FATF's member states will contribute to its decision. Israel, recently appointed an FATF member, will push for anti-Iran measures. An impeachment attempt against the foreign minister will likely fail.

Soft Organizations, Hard Powers: The FATF and the FSB as Standard-Setting Bodies

Global Jurist ◽  
2018 ◽  
Vol 19 (2) ◽  
Author(s):  
Sara De Vido
Keyword(s):  
International Law ◽  
Money Laundering ◽  
Financial Stability ◽  
Task Force ◽  
Standard Setting ◽  
Financial Action Task Force ◽  
Financial Action Task

Abstract The purpose of this contribution is to analyze two major standard setting bodies, namely the Financial Action Task Force on money laundering and the Financial Stability Board from an international law perspective. It will be demonstrated that they are “soft organizations”, which, despite their loose structure, can exercise “hard powers” in inducing States to comply with their standards.

Part II Public Obligations and Regulatory Responsibilities, B Sanctions and Regulatory Responsibilities, 10 Regulatory Responsibilities

2017 ◽  
Author(s):  
Brent Richard
Keyword(s):  
Money Laundering ◽  
Task Force ◽  
Financial Action Task Force ◽  
Obvious Advantage ◽  
The Third ◽  
Financial Action Task ◽  
English Law ◽  
Direct Incorporation ◽  
Incorporation Method

This chapter looks at the Money Laundering (ML) Regulations of 2007. These regulations implement both the Third Money Laundering Directive and the first implementing directive of the EC Commission. For the most part, the ML Regulations 2007 adopt the ‘copy-out’ or ‘direct incorporation’ method of transposing the Community measures into English law. This means that there is a verbatim transposition of the provisions of the directive into national law. This has an obvious advantage and difficulty. The advantage is that it ensures that all of the provisions of the directive are transposed into English law. The difficulty is that it can create uncertainty. That is to say, it removes from the domestic legislature the responsibility for interpreting Community concepts in an English law context and instead imposes that burden on individuals who have to decide how these measures are to be applied in practice. The chapter also looks at the Financial Action Task Force (FAFT) recommendations.

US will increase Paraguay money-laundering pressures

2019 ◽  
Keyword(s):  
Latin American ◽  
Money Laundering ◽  
Task Force ◽  
Border Area ◽  
Financial Action Task Force ◽  
Content Type ◽  
Lower House ◽  
Financial Action Task

Significance The bill, which now goes to the Lower House, is in line with demands from Gafilat, the Latin American affiliate of the Financial Action Task Force (FATF), which began a long-delayed evaluation of Paraguay’s performance on May 7. This will probably avoid Paraguay returning to the FAFT ‘grey list’ but is unlikely to placate the international financial community. Impacts Abdo Benitez will face an uphill struggle to get anti-corruption legislation through Congress. US pressures will mount with respect to purported terrorism finance in the tri-border area. Lack of progress will complicate relations with the international financial community.

The Nigerian Money Laundering (Prevention and Prohibition) Bill, 2016: a critical appraisal

2017 ◽  
Vol 20 (1) ◽  
pp. 79-88 ◽  
Author(s):  
Ehi Eric Esoimeme
Keyword(s):  
Money Laundering ◽  
Critical Appraisal ◽  
Task Force ◽  
Director General ◽  
Financial Action Task Force ◽  
Content Type ◽  
High Court ◽  
Customer Information ◽  
Financial Action Task ◽  
Financial Intelligence

Purpose This paper aims to critically examine the Money Laundering (Prevention and Prohibition) Bill, 2016. It also aims to determine the level of effectiveness of the preventive measures in the Bill. Design/methodology/approach The appraisal took the form of a desk study, which analyzed various documents and reports such as the Financial Action Task Force Recommendations 2012, Mutual Evaluation Reports conducted by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) on Nigeria, the judgment delivered by Justice Gabriel Kolawole of the Federal High Court Abuja and the United Kingdom’s national risk assessment of money laundering and terrorist financing. Findings This paper determined that the Bill could achieve its core objectives if the following recommendations are implemented: section 15 of the Bill should be modified to include the definition of “Arrangement”; lawyers should be allowed to send their Suspicious Transaction Report to the Nigerian Bar Association, provided that there are appropriate forms of cooperation between the NBA and the Financial Intelligence Unit, and this approach is in line with the Financial Action Task Force Recommendations; the Bill should expressly prohibit retaliation by employers against whistleblowers and provide them with a private cause of action in the event that they are discharged or discriminated against by their employers, and this approach is being adopted by the US Dodd–Frank Act; a request for customer information, by the Director-General of the Nigeria Financial Intelligence Centre, should be made pursuant to an order of the Federal High Court obtained upon an ex-parte application supported by a sworn declaration by an authorized officer of the Centre, justifying the request for customer information. Originality/value This paper offers a critical appraisal of the Money Laundering (Prevention and Prohibition) Bill, 2016. The paper will identify the strengths and weaknesses of the Bill. This is the only paper to adopt this kind of approach.

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