[PDF] Money Laundering And Terrorist Financing Awareness Handbook For Tax Examiners And Tax Auditors eBook
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Financial crimes, including tax evasion, money laundering, and terrorist financing undermine jurisdictions' political and economic interests and pose a serious threat to national security. Tax crime is a key source of dirty money and as such, tax authorities have a central role to play in identifying and reporting money laundering and terrorist financing. The purpose of this handbook is to raise the awareness level of tax examiners, auditors, and investigators, of their role in combatting these illegal activities. This Handbook is an update of OECD's 2009 Money Laundering Awareness Handbook for Tax Examiners and Tax Auditors. This update enhances the 2009 publication with additional chapters such as "Indicators on Charities and Foreign Legal Entities" and "Indicators on Cryptocurrencies" relating to money laundering. In a separate chapter, the increasing threat of terrorism is addressed by including indicators of terrorist financing.
The purpose of this handbook is to raise the awareness level of tax examiners and auditors on money laundering. It provides guidance in identifying money laundering during the conduct of normal tax audits. It also describes the resources and tools ...
Money laundering is a serious threat to the legal economy and affects the integrity of financial institutions. Tax crime is one of the top three sources of dirty money. Tax administrations can play an important role in detecting and deterring money laundering. This handbook provides guidance in identifying money laundering during the conduct of normal tax audits, and describes the nature of money laundering activities so that tax examiners and auditors can better understand how their contribution can assist criminal investigators in countering money laundering.The purpose of this handbook is to raise the awareness level of tax examiners and auditors on money laundering. It provides guidance in identifying money laundering during the conduct of normal tax audits. It also describes the resources and tools that are available for effective detection and deterrence. While the handbook does not detail criminal investigation methods, it does describe the nature and context of money laundering activities so that tax examiners and auditors can better understand how their contribution can assist criminal investigators in countering money laundering. Tax administrations can adapt the handbook to suit their particular circumstances and to take into account the varying roles that tax administrations have in relation to reporting unusual or suspicious transactions, receiving suspicious transaction reports and investigating money laundering offences. To aid this adaptation key areas of the handbook have been highlighted for "Country Specific Insertions". While the aim of this handbook is to raise the awareness of tax examiners and tax auditors about the possible implications of transactions or activities related to money laundering and tax crimes, the handbook is not meant to replace domestic policies and procedures.
"Money laundering and terrorist financing are serious crimes that affect not only those persons directly involved, but the economy as a whole. According to international standards, every bank has the obligation to know its customers and to report suspicious transactions. Although these obligations sound straightforward, they have proved challenging to implement. What information precisely has to be gathered? How should it be recorded? If and when does one have to file a suspicious transaction report? It is here that a supervisor can play a crucial role in helping supervised institutions; first, in understanding the full extent of the obligations of Customer Due Diligence and Suspicious Transaction Reports (STR) and, second, in ensuring that those obligations are not just words on paper but are applied in practice. Effective supervision is key to the success of a country's AML/CFT system. In this regard, field work in both developed and developing countries has shown an overall low compliance in the area of supervision of banks and other financial institutions; supervisory compliance is indeed generally lower than the average level of compliance with all Financial Action Task Force recommendations. As a result, by providing examples of good practices, this book aims to help countries better conform to international standards. In this regard, this handbook is specifically designed for bank supervisors.
Although the practice of disguising the illicit origins of money dates back thousands of years, the concept of money laundering as a multidisciplinary topic with social, economic, political and regulatory implications has only gained prominence since the 1980s. This groundbreaking volume offers original, state-of-the-art research on the current money laundering debate and provides insightful predictions and recommendations for future developments in the field. The contributors to this volume academics, practitioners and government representatives from around the world offer a number of unique perspectives on different aspects of money laundering. Topics discussed include the history of money laundering, the scale of the problem, the different types of money laundering, the cost to the private sector, and the effectiveness of anti-money laundering policies and legislation. The book concludes with a detailed and insightful synthesis of the problem and recommendations for additional steps to be taken in the future. Students, professors and practitioners working in economics, banking, finance and law will find this volume a comprehensive and invaluable resource.
Regulation and control of the financial industry has become the weapon of choice for governments struggling to control the rise in global crime and terrorism. Tim Parkman and Gill Peeling's Countering Terrorist Finance - A Training Handbook for Financial Services is a practical, specialist guide for training staff in financial institutions in the processes and skills needed to respond to terrorist financing activities. The book explains international legal responses and obligations (with particular jurisdictional emphasis on the US, the UK, and Hong Kong); dissects the financing typologies behind terrorist attacks including September 11th, Madrid, Bali and other non al-Qaeda examples; analyzes potential causes for suspicion and offers an overview of the main issues and considerations affecting compliance professionals, in their efforts to protect against terrorist financing. The accompanying collection of eight training activities, with supporting materials and presentation slides, provides compliance officers with a resource for developing awareness and appropriate behaviour amongst employees tasked with managing terrorist finance risk. Additional training resource materials, including Powerpoint presentations, audio visual slideshows and pdf handouts are available ondownloadable resources that accompany the book. The background material, practical advice and training resources make this collection an excellent starting point for organizations striving to make a difference in this complex and difficult area.
The Palgrave Handbook of Criminal and Terrorism Financing Law focuses on how criminal and terrorist assets pose significant and unrelenting threats to the integrity, security, and stability of contemporary societies. In response to the funds generated by or for organised crime and transnational terrorism, strategies have been elaborated at national, regional, and international levels for laws, organisations and procedures, and economic systems. Reflecting on these strands, this handbook brings together leading experts from different jurisdictions across Europe, America, Asia, and Africa and from different disciplines, including law, criminology, political science, international studies, and business. The authors examine the institutional and legal responses, set within the context of both policy and practice, with a view to critiquing these actions on the grounds of effective delivery and compliance with legality and rights. In addition, the book draws upon the experiences of the many senior practitioners and policy-makers who participated in the research project which was funded by a major Arts and Humanities Research Council grant. This comprehensive collection is a must-read for academics and practitioners alike with an interest in money laundering, terrorism financing, security, and international relations.
Author : Asian Development Bank Publisher : Asian Development Bank Page : 143 pages File Size : 48,16 MB Release : 2017-03-01 Category : Business & Economics ISBN : 929257762X
This handbook provides nonbanking financial institutions guidance on how to manage risks associated with money laundering and the financing of terrorism. It reflects the requirements of the international standard setter in the fight against money laundering and terrorist financing---the Financial Action Task Force---and is intended to serve as the basis for developing internal controls and procedures by nonbanking financial institutions to combat such actions.
Tracking funding is a critical part of the fight against terrorism and as the threat has escalated, so has the development of financial intelligence units (FIUs) designed to investigate suspicious transactions. Terrorist Financing, Money Laundering, and Tax Evasion: Examining the Performance of Financial Intelligence Units provides a thorough analysis of the financing phenomenon from the raising of funds to government agencies' efforts to interdict them to measuring and monitoring the outcomes of these efforts. This volume begins by presenting deep-rooted conflicts in the Middle East, the United States, the Indian subcontinent, Northern Ireland, and South America that have led to modern terrorism. It describes recent developments in counterterrorism and discusses the next steps in intelligence reform. Next, the author discusses how financial crime is committed, examining the source of funds from money laundering and tax evasion among others, and the transfer of these funds. He then covers performance and risk management, and the process of measuring performance using the balanced scorecard method. The book presents an overview of anti-money laundering and counterterrorist financing initiatives in several regions around the globe: the European Union, Asia Pacific, North America, Latin America and the Caribbean, the Middle East, and Africa. It concludes with a survey of experts' opinions on the efficacy of current programs and recommendations for improving government performance in countering terrorist financing and related money laundering and tax evasion. Knowing what to target and how to measure results are essential for performance enhancement in preventing and interdicting financial criminal activity. Establishing the need for accurate assessment of the success and failure of FIUs, the book demonstrates how monitoring and measuring progress is a crucial part of financial interdiction efforts in the fight again. unds. He then covers performance and risk management, and the process of measuring performance using the balanced scorecard method. The book presents an overview of anti-money laundering and counterterrorist financing initiatives in several regions around the globe: the European Union, Asia Pacific, North America, Latin America and the Caribbean, the Middle East, and Africa. It concludes with a survey of experts' opinions on the efficacy of current programs and recommendations for improving government performance in countering terrorist financing and related money laundering and tax evasion. Knowing what to target and how to measure results are essential for performance enhancement in preventing and interdicting financial criminal activity. Establishing the need for accurate assessment of the success and failure of FIUs, the book demonstrates how monitoring and measuring progress is a crucial part of financial interdiction efforts in the fight again.