By ed. Ernesto Savona
Responding to cash Laundering has its beginning within the overseas convention on fighting and Controlling funds Laundering and using Proceeds of Crime: a world procedure organised through ISPAC, the overseas clinical and Advisory Board of the United international locations in co-operation with the Crime and Justice department of the United countries lower than the auspices of the Italian executive. This convention has been a milestone within the fresh foreign debate on funds laundering. the various major papers offered are considerably revised and picked up during this e-book creating a significant contribution to the improvement of craftsmanship within the box. Divided into sections -- ''Trends and Implications'' and ''Tuning the Instruments'' -- the chapters improve an research of the several points of the cash laundering challenge and try and music the tools for scuffling with them. Globalization of the matter demands globalization of the responses. by means of featuring a variety of assorted methods and
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Additional resources for Responding to Money Laundering: International Perspectives
Misuse of Exemptions—to reduce unnecessary reporting obligations, regulatory schemes often contain an exemption from reporting requirement for transactions by legitimate businesses which are well known to the financial institution and have a known reason to engage in transactions which would otherwise trigger reporting requirements. The unsupervised unilateral ability of a financial institution to exempt itself or its customer from a reporting or recording regimen can offer 24 RESPONDING TO MONEY LAUNDERING v) vi) vii) money launderers a way in which to avoid an audit trail of their cash transactions.
The gold was sold a few kilograms at a time over the counter in a Hong Kong bank. The proceeds from the sale of the gold were wire transferred to shell company accounts in the Channel Islands, Zurich, New York, and Vanuatu. The money launderer requested that the proceeds of one particular sale be paid in the form of a number of demand drafts, which were traced to Manila where they had been cashed by the bearer. A total of HK$ 13,812,000 in drug proceeds was remitted from Hong Kong. S. investigation entitled Operation Polar Cap revealed an elaborate scheme to disguise the origin of narcotics proceeds through the buying and selling of large quantities of gold.
Part of the money from this client account was subsequently used to purchase real estate properties in further dealings between the solicitor and the traffickers. Hutton and Co. in the United States was involved in laundering organized crime funds. Hutton employees, then deposited into Hutton customer accounts bearing fictitious names and social security numbers. The funds in these accounts were used to purchase INTERNATIONAL MONEY LAUNDERING TRENDS AND PREVENTION 31 certificates of deposit and governmental securities in the form of bearer bonds.