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P7 ... FATF

P7 ... FATF

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Published by Ch M Waqar Aslam

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Published by: Ch M Waqar Aslam on Sep 04, 2011
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08/08/2012

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Financial Action Task ForceGroupe d'action financière
LAUNDERING
 
THE
 
PROCEEDS
 
OF
 
VAT
 
CAROUSEL
 
FRAUD23
 
F
EBRUARY
2007
 
 
 © 2007 FATF/OECDAll rights reserved. No reproduction or translation of thispublication may be made without prior written permission.Applications for such permission should be made to:FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, FranceFax 33-1-45241760 or contact@fatf-gafi.org
 
 
LAUNDERING
 
THE
 
PROCEEDS
 
OF
 
VAT
 
CAROUSEL
 
FRAUDTABLE OF CONTENTS
INTRODUCTION....................................................................................................................2
Background........................................................................................................................2Executive Summary...........................................................................................................2
SCALE OF THE FRAUD.......................................................................................................3
Significant losses................................................................................................................3
GLOBAL IMPACT.................................................................................................................4
International money laundering in VAT carousel fraud.......................................................4Figure 1: An example of the financial transactions in VAT carousel fraud……………….4Figure 2: A more complex carousel
...............................................................................6
What happens to the money?.............................................................................................8Impact on trade data........................................................................................................10
LINKS TO OTHER CRIME..................................................................................................11
Organised criminal gang involvement...............................................................................11Funding other crime.........................................................................................................11Figure 3: Financial links between VAT carousel and drugs street cash
.......................12
 
COMBATING THE MONEY LAUNDERING OF VAT CAROUSEL FRAUD PROCEEDS....12
Suspicious Transaction Reports.......................................................................................12Cooperation and information sharing................................................................................13Role of the regulated sector.............................................................................................15Use of risk profiles............................................................................................................15Indicators of possible involvement in laundering the proceeds of VAT carousel fraud......16Asset confiscation............................................................................................................17
KEY FINDINGS....................................................................................................................18
Key findings from the report.............................................................................................18
ISSUES FOR FURTHER CONSIDERATION.......................................................................19
General............................................................................................................................19International Organisations:..............................................................................................19National Governments:.....................................................................................................19Government Agencies:.....................................................................................................20Regulated Sector..............................................................................................................20
ANNEX 1: INTRODUCTION TO VAT CAROUSEL FRAUD................................................21
How the fraud functions in the European Union................................................................21Figure 4: A simple VAT carousel
.................................................................................22
Figure 5: A VAT carousel using a Third Party
..............................................................23
ANNEX 2: GLOSSARY.......................................................................................................25ANNEX 3: QUESTIONNAIRE METHODOLOGY.................................................................26EXAMPLE STUDIES...........................................................................................................29BIBLIOGRAPHY..................................................................................................................30

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