Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors
The COVID-19 (coronavirus) crisis was a reminder, if any were needed, that criminal creativity thrives in times of chaos, exploiting people’s fears. Unsafe face masks, counterfeit drugs, and suspect medical equipment flooded the market, touted as miracle cures against the coronavirus by unscrupulous...
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Washington, DC : World Bank
2022
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| Online Access: | http://hdl.handle.net/10986/37726 |
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okr-10986-377262022-07-21T13:38:44Z Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors Chatain, Pierre-Laurent Van der Does de Willebois, Emile Bökkerink, Maud MONEY LAUNDERING TERRORIST FINANCING SUPERVISORY FRAMEWORK LICENSING PROCESS RISK-BASED SUPERVISION OFF-SITE SUPERVISION SANCTIONS ENFORCEMENT MEASURES COOPERATION The COVID-19 (coronavirus) crisis was a reminder, if any were needed, that criminal creativity thrives in times of chaos, exploiting people’s fears. Unsafe face masks, counterfeit drugs, and suspect medical equipment flooded the market, touted as miracle cures against the coronavirus by unscrupulous actors wanting to turn a quick profit. Companies with no record in health won big government contracts and, as people’s situation deteriorated, organized crime stepped in to lend a “helping hand” to those suffering financial distress. Where most people saw a global public health and economic crisis, criminals saw an opportunity. What this criminal behavior, indeed almost all financial economic crime, has in common is that the funds involved move through the formal financial system. The service providers that execute those transactions are in a good position to gather firsthand intelligence on what is happening. For this reason, banks and other financial institutions have anti-money-laundering and countering the financing of terrorism (AML/CFT) obligations to find out who is paying whom and why and, if necessary, to alert the authorities. Financial institutions are the first line of defense against this criminal behavior; they are the gatekeepers to the international financial system. 2022-07-20T14:33:27Z 2022-07-20T14:33:27Z 2022 Book 978-1-4648-1851-6 978-1-4648-1852-3 (electronic) Library of Congress Control Number: 2022941593 http://hdl.handle.net/10986/37726 en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC : World Bank Publications & Research Publications & Research :: Publication World |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
en_US |
| topic |
MONEY LAUNDERING TERRORIST FINANCING SUPERVISORY FRAMEWORK LICENSING PROCESS RISK-BASED SUPERVISION OFF-SITE SUPERVISION SANCTIONS ENFORCEMENT MEASURES COOPERATION |
| spellingShingle |
MONEY LAUNDERING TERRORIST FINANCING SUPERVISORY FRAMEWORK LICENSING PROCESS RISK-BASED SUPERVISION OFF-SITE SUPERVISION SANCTIONS ENFORCEMENT MEASURES COOPERATION Chatain, Pierre-Laurent Van der Does de Willebois, Emile Bökkerink, Maud Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| geographic_facet |
World |
| description |
The COVID-19 (coronavirus) crisis was a reminder, if any were needed, that criminal creativity thrives in times of chaos, exploiting people’s fears. Unsafe face masks, counterfeit drugs, and suspect medical equipment flooded the market, touted as miracle cures against the coronavirus by unscrupulous actors wanting to turn a quick profit. Companies with no record in health won big government contracts and, as people’s situation deteriorated, organized crime stepped in to lend a “helping hand” to those suffering financial distress. Where most people saw a global public health and
economic crisis, criminals saw an opportunity. What this criminal behavior, indeed almost all financial economic crime, has in common is that the funds involved move through the formal financial system. The service providers that execute those transactions are in a good position to gather firsthand intelligence on what is happening. For this reason, banks and other financial institutions have anti-money-laundering and countering the financing of terrorism (AML/CFT) obligations to find out who is paying whom and why and, if necessary, to alert the authorities. Financial institutions are the first line of defense against this criminal behavior; they are the gatekeepers to the international financial system. |
| format |
Book |
| author |
Chatain, Pierre-Laurent Van der Does de Willebois, Emile Bökkerink, Maud |
| author_facet |
Chatain, Pierre-Laurent Van der Does de Willebois, Emile Bökkerink, Maud |
| author_sort |
Chatain, Pierre-Laurent |
| title |
Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| title_short |
Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| title_full |
Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| title_fullStr |
Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| title_full_unstemmed |
Preventing Money Laundering and Terrorist Financing : A Practical Guide for Bank Supervisors |
| title_sort |
preventing money laundering and terrorist financing : a practical guide for bank supervisors |
| publisher |
Washington, DC : World Bank |
| publishDate |
2022 |
| url |
http://hdl.handle.net/10986/37726 |
| _version_ |
1764487792746823680 |