Money Laundering and Terrorist Financing Methods, Techniques, Schemes and Instruments

The Asia/Pacific Group on Money Laundering (APG) is an autonomous and collaborative international organisation founded in 1997 in Bangkok, Thailand consisting of 41 members and a number of international and regional observers. Typologies work is the study of methods, techniques and trends of money laundering and terrorist financing. The APG undertakes detailed […] Continue Reading »

Financial Action Task Force – FATF – Members

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.  The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to […] Continue Reading »

Luxembourg – Know Your Customer (KYC) Rules

  Despite its standing as the second-smallest member of the European Union (EU), Luxembourg is one of the largest financial centers in the world. It also operates as an offshore financial center. Although there are a handful of domestic banks operating in the country, the majority of banks registered in […] Continue Reading »

Netherlands – Know Your Customer (KYC) Rules

  The Netherlands is a major financial center and consequently an attractive venue for laundering funds generated from illicit activities, including activities often related to the sale of cocaine, cannabis, or synthetic and designer drugs, such as ecstasy. Financial fraud, especially tax-evasion, is believed to generate a considerable portion of […] Continue Reading »

Belgium – Know Your Customer (KYC) Rules

  Belgium‘s banking industry is medium size, with assets of over $2 trillion dollars in 2010. Illicit funds primarily derive from serious forms of financial crime, including tax crime, and drug trafficking proceeds. Authorities note that criminals are increasing their use of remittance transactions and shell companies, and are relying […] Continue Reading »

Monaco – Know Your Customer (KYC) Rules

  The Principality of Monaco is the second-smallest country in Europe. It is linked closely to France and is tied to the economic apparatus of the European Union (EU) through its customs union with France and its use of the euro as its official currency. Monaco is known for its […] Continue Reading »

Andorra – Know Your Customer (KYC) Rules

  Andorra is not a regional financial center but it has a well developed financial infrastructure. The non-financial crime rate is low in Andorra with few instances of drug-related offenses or other serious crimes. KNOW-YOUR-CUSTOMER (KYC) RULES:   Enhanced due diligence procedures for PEPs:   A PEP is an abbreviation for Politically Exposed […] Continue Reading »

Politically Exposed Persons – Bank Secrecy Act – Anti-Money Laundering Examination Manual

US Definition of a PEP – Politically Exposed Persons   According to the Bank Secrecy Act, Anti-Money Laundering Examination Manual, Banks should take all reasonable steps to ensure that they do not knowingly or unwittingly assist in hiding or moving the proceeds of corruption by senior foreign political figures, their families, […] Continue Reading »

USA – History of Anti-Money Laundering Laws

  Money laundering is the process of making illegally-gained proceeds (i.e. “dirty money”) appear legal (i.e. “clean”). Typically, it involves three steps: First, the illegitimate funds are furtively introduced into the legitimate financial system. Then, the money is moved around to create confusion, sometimes by wiring or transferring through numerous […] Continue Reading »

Nicaragua – Know Your Customer (KYC) Rules

  The Republic of Nicaragua is not considered a regional financial center. It continues to be a strategic transshipment route for South American cocaine and heroin destined for the United States and cash returning to South America. Because of these activities, Nicaragua‘s financial system is highly vulnerable to money laundering. […] Continue Reading »