MONEY LAUNDERING

Can we stop it?

And its effects on world
economy..

General Methods and Techniques of Money Laundering

Smurfing
Structuring
Currency Smuggling
Cash Conversion
Cash Intensive Bussinesses

 Shell Companies
Casinos

The Financial Action Task Force on Money Laundering (FATF)

is an important inter-governmental body that develops and
promotes policies to combat money laundering. It focuses on:
Spreading the anti-money laundering message to all continents
and regions of the globe. Monitoring the implementation of its
Forty Recommendations. Reviewing and publishing money
laundering trends and countermeasures (typologies exercise).

PRINCIBLES AND CONTROL MEASURES AT

COMBATING MONEY LAUNDERING

Know Your Customer

Record Keeping
Reporting Information
Respond to Information Requests

FOLLOWING ARE DESCRIPTIONS OF THESE LEGISLATIVE

MEASURES.

The Bank Secrecy Act (BSA)

The Money Laundering Control Act of 1986
The Anti-Drug Abuse Act of 1988
Section 2532 of the Crime Control Act of 1990
Section 206 of The Federal Deposit Insurance Corporation
Improvement Act (FDICIA) of 1991
The Annunzio-Wylie Anti-Money Laundering Act of 1992
The Money Laundering Suppression Act of 1994
Money Laundering and Financial Crimes Strategy Act of 1998

The Financial Action Task Force on Money Laundering (FATF) is an

important inter-governmental body that develops and promotes
policies to combat money laundering. It focuses on:

Spreading the anti-money laundering message to all

continents and regions of the globe.
Monitoring the implementation of its Forty Recommendations.
Reviewing and publishing money laundering trends and
countermeasures (typologies exercise).

ESTABLISH AN EFFECTIVE SUSPICIOUS ACTIVITY

MONITORING AND REPORTING PROCESS

Involves funds from illegal activities or is conducted to hide

illicit funds or assets in a plan to violate or evade any law or
regulation or to avoid transaction reporting requirements
under federal law. 12 What Bankers Can Do
Is designed to evade any of the BSA regulations.
Has no business or apparent lawful purpose or is not the sort
in which the customer would normally be expected to engage,
and the bank knows of no reasonable explanation for the
transaction after examining available facts, including the
background and transaction purpose.

Develop Risk-Based Anti-Money Laundering Programs

High-Risk Products and Services

Wire Transfer/International Correspondent Banking

Private Banking Relationships
Electronic Banking