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The effectiveness of global regulatory and enforcement efforts to deal with financial crime and the handling of the proceeds of crime has risen rapidly up the global political agenda in recent years.
The war on drugs and, since September 11, the battle to combat terrorist financing have led to a range of new anti-money laundering developments across the globe. These developments are in addition to those brought about by the long-term work of the Financial Action Task Force and OECD, which have led to a steady tightening of anti-money laundering legislation even in those nations with a poor record of international co-operation.
At a European level, the second money laundering directive incorporates a widened money laundering definition that now includes the proceeds of "all serious crimes". It extends the scope of money laundering regulations to bring in non-financial businesses, particularly firms of lawyers and accountants and incorporates provisions for adequate customer identification. In the UK, the new Proceeds of Crime Act includes provisions tightening the requirements for reporting suspicious transactions and imposes new duties on lawyers, accountants and others. In addition, the FSA has made it clear that they regard compliance with the anti-money laundering rules as an important issue, and one that they will hold senior management accountable for.
Taken together, these international developments have created a powerful incentive for individual countries to ensure that their own regimes are able to counter money laundering operations effectively. They have also led to a requirement that all those involved in anti-money laundering have a thorough grounding in the various international initiatives.
A Practitioner's Guide to International Money Laundering Law and Regulation is a major new publication bringing together a wealth of expertise to examine global regulatory developments. In over 25 chapters, it covers, amongst other areas; the US and UK response; "know your customer" issues; investigations; terrorist financing; and EU directives. In addition, the law and regulation in over 50 territories is also summarised.
Contents
Part 1 - Current Issues
- The Money Laundering Threat
Andrew Clark, PwC and Peter Burrell, Herbert Smith
- International Response to the Money Laundering Threat
Andrew Haynes, University of Wolverhampton
- Law Enforcement
Nick Ridley, Europol
- Corporate Culture
Michael Hyland, MHA Consulting
- Reputational Risk
Emma Codd, Deloitte & Touche
- Know Your Customer
Andrew Clark and Matthew Russell, PWC
- Reporting Regimes
Andrew Clark and Matthew Russell, PWC
- Responding to Investigations
Peter Burrell, Herbert Smith
- Civil recovery of Proceeds of Crime
Professor Michael Levi, University of Cardiff
Part 2 - Developing Issues
- Regulators: The Role and Approach of the FSA
Jeremy Orme
- Financial Crime and Terrorist Financing in the US
John Moscow, DA NY State
- EU Directives
Jonathan Fisher QC, 18 Red Lion Court
- Regulators: IAIS Anti-Money Laundering Guidelines
Steve Butterworth, IAIS
- The Nexus Between Tax Evasion and Money Laundering
Part 3 - Sectorial Analysis
- Retail Banking
Nigel Rudkin, Sanpaolo IMI SpA
- Wholesale and Institutional Business
Mark Hunter and Mark Daws, PWC
- Investment Management
Karen Briggs, Bernadine Reese, KPMG
- E-business
David Porter, Detica
- Insurance
Steve Kyle, AVIVA
- The Gatekeeper’s Initiative: The Lawyer’s Perspective
Louise Delahunty, Peters & Peters
- Vulnerable Professions: Accountants
Felicity Banks, ICAEW
Part 4 - Country Analysis
Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, The Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, Turkey, United Kingdom, USA, Pacific (Cook Islands, Indonesia, Malaysia, Marshal Islands, Nauru and Niue, Philippines, Thailand), Cayman Islands, Bahamas, The Gulf Region (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the UAE), Israel, Jersey, Gibraltar, Guernsey, Isle of Man
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