By World Bank, International Monetary Fund
Cash laundering and the financing of terrorism are international difficulties that not just threaten a country’s safeguard, but additionally compromise the steadiness, transparency, and potency of its economic climate, for that reason undermining its monetary prosperity. the yearly international estimate for cash laundering is greater than $1 trillion, valued in U.S. money. Efforts to counter those actions are referred to as anti–money laundering and battling the financing of terrorism (AML/CFT) programs.
The 'Combating funds Laundering and the Financing of Terrorism' education software used to be built by means of the realm Bank’s monetary industry Integrity Unit, with aid from the governments of Sweden, Japan, Denmark, and Canada. this system may help international locations construct and boost their AML/CFT efforts through education all correct employees in either the private and non-private sectors, similar to employees in fi nancial intelligence devices, monetary supervisory experts, legislation enforcement companies, and fiscal institutions.
The education guide’s modules are:
Module 1: results on fiscal improvement and foreign Standards
Module 2: criminal specifications to satisfy overseas Standards
Module 3a: Regulatory and Institutional requisites for AML/CFT
Module 3b: Compliance specifications for monetary Institutions
Module four: development an efficient monetary Intelligence Unit
Module five: family (Inter-Agency) and overseas Cooperation
Module 6: struggling with the Financing of Terrorism
Module 7: Investigating cash Laundering and Terrorist Financing
The modules hide the entire monetary motion activity strength on Anti–Money Laundering’s 40 options and 9 designated techniques, with the unique texts. every one module is focused at a particular workforce of execs in a jurisdiction’s AML/CFT regime, even if they could additionally reap the benefits of gaining wider wisdom during the different modules incorporated during this application. each one module presents questions before everything and finish to evaluate how a lot has been discovered. the learning advisor comprises various case reports, discussions and analyses of hypothetical and real examples of cash laundering schemes, and top practices in research and enforcement, so as to aid readers absolutely comprehend the implementation of profitable AML/CFT courses.
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Additional resources for Combating Money Laundering and the Financing of Terrorism: A Comprehensive Training Guide
B) A set of minimum standards that countries need to achieve to have a sufficiently functioning anti–money laundering and counter-terrorism financing system. c) A maximum set of obligations for countries to achieve to have a functioning anti-money laundering and counter-terrorism financing system. QUESTION 22. The FATF Recommendations are developed for all countries, so all countries are expected to implement them. a) Yes, all countries need to follow the FATF Recommendations. b) No, countries that are not members of the FATF do not need to follow the Recommendations.
This means that the FATF has long been aware of the need to expand its regime to more countries without expanding its membership. To achieve that, the FATF resorted to various alternatives: • Carefully and strategically selecting new members, as we saw previously • Offering some agencies an observer status • Paying special attention to achieving geographic balance when recruiting new members • Conducting worldwide consultation that includes nonmembers on highpriority policy issues, such as the review of the international standard • Maintaining an ambitious outreach program that promotes its message throughout the world, and as part of that encouraging the establishment of FSRBs 52 (c) The International Bank for Reconstruction and Development / The World Bank Answers (c) The International Bank for Reconstruction and Development / The World Bank 54 | Module 1 Module 1 Answers Answer 1 1) The money involved was most likely derived from crime—namely, drug trafficking, given his drug trafficking business.
Since its creation in 1989, the Financial Action Task Force (FATF) has worked to ensure that its 40+9 Recommendations are recognized globally as the international standards for anti–money laundering and combating the financing of terrorism (AML/CFT). The work of the FATF, covering more than 170 jurisdictions, has had a significant impact on the global detection and prevention of money laundering and terrorist financing, and is critical to the implementation of more robust AML/CFT regimes around the world.