Anti-Money Laundering State Mechanisms
International Experiences, Current Issues and Future Challenges
- 160 pages
- English
- ePUB (mobile friendly)
- Available on iOS & Android
Anti-Money Laundering State Mechanisms
International Experiences, Current Issues and Future Challenges
About This Book
This monograph offers a comprehensive analysis of the implementation of global anti-money laundering and counter-terrorism financing (AML/CTF) regulations in the United States and the European Union. It provides academics, legal professionals and interested readers with a deep understanding of the developments of the AML/CTF legal framework and guides them into the dimension of its most difficult relation with international and European human rights law.The implementation of global anti-money laundering regulations in the United Stated and the European Union has essentially led to the suspension of laws governing privacy and bank secrecy. Banks and other financial institutions now operate as an extension of law enforcement. The current Anti-Money Laundering regime jeopardises the fundamental achievements of the constitutional state. The increasing centralisation and cooperation of the competent authorities in the exchange of personal data information creates a security architecture that leads to a considerable risk of freedom restriction. In particular, the extension of the authorities´ power of intervention granting them access to citizens´ personal data without the need for initial suspicion underlines that a substantial part of the constitutional state is at risk. Furthermore, banks appear to use these policies as an instrument to clear legitimate but less profitable customers, in particular those with a migration background. Consequently, the implementation of the AML/CTF legal framework appears to follow a discriminatory path and clearly discloses incompatibility features with respect to the European Convention on Human Rights and Article 21 of the Charter of Fundamental Human Rights of the European Union. This monograph further explores factors contributing to the inefficiency of AML/CTF regulatory and legislative measures. Such factors are identified in inconsistent rules, which make the cooperation among national investigative authorities within the EU and at an international level more challenging. As a result, this work acknowledges regulatory and legislative harmonisation with respect to AML/CTF regimes as a central tool to successfully improve the effectiveness of AML/CTF regimes, while preserving the individual right to privacy, due process and civil rights.
Frequently asked questions
Information
List of Abbreviations
AEOI | Automatic Exchange of Information |
AFSJ | Area of Freedom, Security and Justice |
AML | Anti-Money Laundering |
AMLD | Anti-Money Laundering Directive |
ANIF | National Agency for Financial Investigations |
BCBS | Basel Committee on Bankin Supervision |
BIS | Bank for International Settlements |
BSA | Bank Secrecy Act |
BSAAG | Bank Secrecy Act Advisory Group |
CAT | Center for the Analysis of Terrorism |
CFR | Code of Federal Regulations |
CIS | Commonwealth of Independent States |
COAF | Council for Control of Financial Activities |
CTF | Counter-Terrorism Financing |
CTITF | Counter-Terrorism Implementation Task Force |
DIN | Deutsches Institut fĂźr Normung (German Institute for Standardisation) |
ECJ | European Court of Justice |
ECHR | European Convention on Human Rights |
ECtHR | European Court of Human Rights |
ECOLEF | Economic and Legal Effectiveness of Anti-Money Laundering and Combating Terrorist Financing Policy |
EITI | Extractive Industries Transparency Initiative |
ESRB | European Systemic Risk Board |
EU | European Union |
FATCA | Foreign Account Tax Compliance Act |
FATF | Financial Action Task Force (on Money Laundering) |
FCA | Financial Conduct Authority |
FCPA | Foreign Corrupt Practices Act |
FIG | Financial Integrity Group |
FinCEN | Financial Crimes Enforcement Network |
FIU | Financial Intelligence Unit |
FSAP | Financial Sector Assessment Program |
FSB | Financial Stability Board |
FSF | Financial Stability Forum |
FSRB | FATF-style Regional Body |
GATT | General Agreement on Tariffs and Trade |
GFC | Global Financial Crisis |
GG | Grundgesetz (Basic Law) |
HACC | High Anti-Corruption Court |
HBMX | HSBC Mexico S.A. Banco |
IEEPA | International Emergency Economic Powers Act |
IMF | International Monetary Fund |
IOSCO | International Organisation of Securities Commissions |
ISO | International Organisation for Standardisation |
JCPOA | Joint Comprehensive Plan of Action |
KWG | Kreditwesengesetz (Banking Act) |
KYC | Know-Your-Customer |
ML | Money Laundering |
MSB | Money Service Business |
NABU | National Anti-corruption Bureau of Ukraine |
NBU | National Bank of Ukraine |
NCA | National Crime Agency |
NCCT | Non-Cooperative Countries and Territories |
NGO | Non-Governmental Organisation |
NRC | National Reform Council |
OECD | Organisation for Economic Co-operation and Development |
OFAC | Office of Foreign Assets Control |
OLAF | European Anti Fraud Office |
PEP | Politically Exposed Person |
PETROBRAS | PetrĂłleo Brasileiro S.A. |
POCA | Proceeds of Crime Act |
PSI | Permanent Subcommittee on Investigations |
RBA | Risk-Based Approach |
ROSC | Report on the Observance of Standards and Codes |
RFPA | Right to Financial Privacy Act |
SAR | Suspicious Activity Report |
SEC | Securities and Exchange Commission |
TBTF | Too-big-to-fail |
TF | Terrorist Financing |
TFEU | Treaty on the Functioning of the European Union |
TFTP | Terrorist Finance Tracking Program |
UK | United Kingdom |
UN | United Nations |
UNCAC | United Nations Convention against Corruption |
US | United States |
USC | United States Code |
WB | World Bank |
WTO | World Trade Organisation |
Index
Table of contents
- Cover
- Title
- Copyright
- Contents
- Preface
- I. Theoretical and Methodological Aspects of Anti-Money Laundering State Regulation: The US Experience
- II. The Global Financial Crisisâ Worldwide Impact on the Implementation of Anti-Money Laundering Standards in the OECD Countries
- III. Anti-Money Laundering and Counter-Terrorist Financing State Mechanisms in the European Union
- IV. The Fourth Anti-Money Laundering Directive: EU Policy Undermining The Rights To Privacy and Data Protection of EU Citizens
- V. Human Rights Violations and Discriminatory Side Effects in the Fight against Terrorism: Current Anti-Money Laundering and Counter-Terrorism Financing Policies in the UK
- VI. International Institutional Cooperation and Standard Setting in the Fight against Money Laundering and Terrorism Financing
- VII. Corruption in the Ukraine, Brazil and Equatorial Guinea: Economical, Social And Political Consequences
- VIII. The Global Impact of the Growing Compliance Industry on Financial Institutions in the Fight against Money Laundering, Terrorism Financing and Tax Evasion
- Annex
- Afterword