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The International Solution to Money Laundering and Terrorist Financing

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Money Laundering, Terrorist Financing, and Tax Evasion

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Abstract

Chapter five looks at the international initiative introduced by the Financial Action Task Force (FATF) as a solution to the problem of money laundering and terrorist financing. An in-depth review is undertaken of the Forty Recommendations to determine the role this international standard plays in countering money laundering and terrorist financing. Specifically, we will examine three principal aspects of the functions played by the Forty Recommendations in the areas of promoting transparency in the legal systems and institutional measures of jurisdictions, implementing backstopping measures as preventative mechanisms to mitigate the risks associated with these two phenomena, and in establishing effective exchange of information through fostering national and international cooperation. Conclusions are drawn based on the findings.

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Notes

  1. 1.

    See Recommendation 3 of the FATF Recommendations.

  2. 2.

    See Recommendation 4 of the FATF Recommendations.

  3. 3.

    See Recommendation 4 of the FATF Recommendations.

  4. 4.

    See Recommendation 5 of the FATF Recommendations.

  5. 5.

    See Recommendation 5 of the FATF Recommendations.

  6. 6.

    See Recommendation 6 of the FATF Recommendations.

  7. 7.

    See Recommendation 6 of the FATF Recommendations.

  8. 8.

    See Recommendation 7 of the FATF Recommendations.

  9. 9.

    See Recommendation 7 of the FATF Recommendations.

  10. 10.

    See Recommendation 8 of the FATF Recommendations.

  11. 11.

    See Recommendation 1 of the FATF Recommendations.

  12. 12.

    See Recommendation 2 of the FATF Recommendations.

  13. 13.

    See Recommendation 9 of the FATF Recommendations.

  14. 14.

    See Recommendation 10 of the FATF Recommendations.

  15. 15.

    Per Interpretive Note to Rec. 16.

  16. 16.

    See Recommendation 10 of the FATF Recommendations.

  17. 17.

    See Recommendation 10 of the FATF Recommendations. The verification process for the customer and beneficial owner is required per Recommendation 10 to be carried out before or while establishing the business relationship or while performing transactions for infrequent customers. In cases where the risks for money laundering and terrorist financing are managed effectively, and it is essential not to disrupt the normal course of business, financial institutions are permitted to perform the verification process within a reasonable time upon establishing the relationship.

  18. 18.

    See Recommendation 10 of the FATF Recommendations.

  19. 19.

    See Recommendation 10 of the FATF Recommendations.

  20. 20.

    See Recommendation 11, for examples, of CDD and analysis documents.

  21. 21.

    See Recommendation 11 of the FATF Recommendations.

  22. 22.

    See Recommendation 11 of the FATF Recommendations.

  23. 23.

    See Recommendation 12 of the FATF Recommendations.

  24. 24.

    See Recommendation 12 of the FATF Recommendations.

  25. 25.

    See Recommendation 13 of the FATF Recommendations.

  26. 26.

    See Recommendation 13 of the FATF Recommendations.

  27. 27.

    See Recommendation 14 of the FATF Recommendations.

  28. 28.

    See Recommendation 14 of the FATF Recommendations.

  29. 29.

    See Recommendation 14 of the FATF Recommendations.

  30. 30.

    See Recommendation 15 of the FATF Recommendations.

  31. 31.

    See Recommendation 15 of the FATF Recommendations.

  32. 32.

    See Recommendation 16 of the FATF Recommendations.

  33. 33.

    See Recommendation 16 of the FATF Recommendations.

  34. 34.

    See Recommendation 16 of the FATF Recommendations.

  35. 35.

    See Recommendation 17 of the FATF Recommendations.

  36. 36.

    See Recommendation 17 of the FATF Recommendations.

  37. 37.

    See Recommendation 18 of the FATF Recommendations.

  38. 38.

    See Recommendation 18 of the FATF Recommendations.

  39. 39.

    See Recommendation 19 of the FATF Recommendations.

  40. 40.

    See Recommendation 19 of the FATF Recommendations.

  41. 41.

    See Recommendation 20 of the FATF Recommendations.

  42. 42.

    See Recommendation 21 (a) of the FATF Recommendations.

  43. 43.

    See Recommendation 22 (b) of the FATF Recommendations.

  44. 44.

    See Recommendation 23 of the FATF Recommendations.

  45. 45.

    See Recommendation 23 (a) of the FATF Recommendations.

  46. 46.

    See Recommendation 23 (a) of the FATF Recommendations.

  47. 47.

    See Recommendation 23 (b) of the FATF Recommendations.

  48. 48.

    See Recommendation 23 (c) of the FATF Recommendations.

  49. 49.

    See Recommendation 24 of the FATF Recommendations.

  50. 50.

    See Recommendation 24 of the FATF Recommendations.

  51. 51.

    See Recommendation 24 of the FATF Recommendations.

  52. 52.

    See Recommendation 25 of the FATF Recommendations.

  53. 53.

    See Recommendation 26 of the FATF Recommendations.

  54. 54.

    See Recommendation 26 of the FATF Recommendations.

  55. 55.

    See Recommendation 26 of the FATF Recommendations.

  56. 56.

    See Recommendation 26 of the FATF Recommendations.

  57. 57.

    See Recommendation 27 of the FATF Recommendations.

  58. 58.

    See Recommendation 27 of the FATF Recommendations.

  59. 59.

    See Recommendation 28 of the FATF Recommendations.

  60. 60.

    See Recommendation 28 of the FATF Recommendations.

  61. 61.

    See Recommendation 29 of the FATF Recommendations.

  62. 62.

    See Recommendation 29 of the FATF Recommendations.

  63. 63.

    See Recommendation 30 of the FATF Recommendations.

  64. 64.

    See Recommendation 30 of the FATF Recommendations.

  65. 65.

    See Recommendation 30 of the FATF Recommendations.

  66. 66.

    See Recommendation 31 of the FATF Recommendations.

  67. 67.

    See Recommendation 31 of the FATF Recommendations.

  68. 68.

    See Recommendation 31 of the FATF Recommendations.

  69. 69.

    See Recommendation 32 of the FATF Recommendations.

  70. 70.

    See Recommendation 32 of the FATF Recommendations.

  71. 71.

    See Recommendation 32 of the FATF Recommendations.

  72. 72.

    See Recommendation 33 of the FATF Recommendations.

  73. 73.

    See Recommendation 33 of the FATF Recommendations.

  74. 74.

    See Recommendation 34 of the FATF Recommendations.

  75. 75.

    See Recommendation 35 of the FATF Recommendations.

  76. 76.

    See Recommendation 36 of the FATF Recommendations.

  77. 77.

    See Recommendation 37 of the FATF Recommendations.

  78. 78.

    See Recommendation 37a of the FATF Recommendations.

  79. 79.

    See Recommendation 37b of the FATF Recommendations.

  80. 80.

    See Recommendation 37c of the FATF Recommendations.

  81. 81.

    See Recommendation 37d of the FATF Recommendations.

  82. 82.

    See Recommendation 37e of the FATF Recommendations.

  83. 83.

    See Recommendation 37 of the FATF Recommendations.

  84. 84.

    See Recommendation 37 of the FATF Recommendations.

  85. 85.

    See Recommendation 37 of the FATF Recommendations.

  86. 86.

    See Recommendation 37 of the FATF Recommendations.

  87. 87.

    See Recommendation 37 of the FATF Recommendations.

  88. 88.

    See Recommendation 38 of the FATF Recommendations.

  89. 89.

    See Recommendation 38 of the FATF Recommendations.

  90. 90.

    See Recommendation 38 of the FATF Recommendations.

  91. 91.

    See Recommendation 38 of the FATF Recommendations.

  92. 92.

    See Recommendation 39 of the FATF Recommendations.

  93. 93.

    See Recommendation 39 of the FATF Recommendations.

  94. 94.

    See Recommendation 39a of the FATF Recommendations.

  95. 95.

    See Recommendation 39b of the FATF Recommendations.

  96. 96.

    See Recommendation 39c of the FATF Recommendations.

  97. 97.

    See Recommendation 39d of the FATF Recommendations.

  98. 98.

    See Recommendation 39 of the FATF Recommendations.

  99. 99.

    See Recommendation 39 of the FATF Recommendations.

  100. 100.

    See Recommendation 39 of the FATF Recommendations.

  101. 101.

    See Recommendation 39 of the FATF Recommendations.

  102. 102.

    See Recommendation 39 of the FATF Recommendations.

  103. 103.

    See Recommendation 40 of the FATF Recommendations.

  104. 104.

    See Recommendation 40 of the FATF Recommendations.

  105. 105.

    See Recommendation 40 of the FATF Recommendations.

  106. 106.

    See Recommendation 40 of the FATF Recommendations.

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  1. University of Salamanca, Salamanca, Spain

    Aretha M. Campbell

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Correspondence to Aretha M. Campbell .

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Campbell, A.M. (2021). The International Solution to Money Laundering and Terrorist Financing. In: Money Laundering, Terrorist Financing, and Tax Evasion . Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-68876-9_5

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  • DOI: https://doi.org/10.1007/978-3-030-68876-9_5

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-68875-2

  • Online ISBN: 978-3-030-68876-9

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