Purpose – The purpose of this paper is to underscore the current supranational anti-money laundering (AML) regimes articulating challenges of harnessing them as a robust framework. Some aspects of the above framework are created under the auspices of the United Nations treaties, some are...

Purpose – Money laundering is a financial crime that does not directly affect a business but poses a serious threat to a nation's stability and security. The Australian Anti-money Laundering and Counter Terrorism Financing Act (AML/CTF Act – the Act) passed into law in 2006, but achieving...

This paper sets out how the FSA intends to use enforcement tools to support its financial crime strategy and reduce the risk that regulated firms are used to further money laundering. It reiterates that public enforcement action is only one of a wide range of regulatory tools that may be used...

Purpose – The purpose of this paper is to present a risk-based approach to anti-money laundering (AML) systems. Design/methodology/approach – The paper covers the areas of: customer due diligence, customer acceptance, risk management and implementation. Findings – Regulators and financial...

Purpose – The purpose of this paper is to discuss the implementation of effective risk-based anti-money laundering (AML)/combating the financing of terrorism (CFT) systems of control in order to properly address the risks facing the financial services industry. It seeks to argue that most...

Background to the European Commission consultation on the electronic money directive (2000/46/EC) with particular reference to the definition of ‘electronic money’, the impact on mobile telephone operators, different structures for payment of goods and services under schemes for the issue of...

Purpose – Money laundering is a financial crime that does not directly affect a business but poses a serious threat to a nation's stability and security. The Australian Anti‐money Laundering and Counter Terrorism Financing Act (AML/CTF Act – the Act) passed into law in 2006, but achieving...

Purpose – Money laundering schemes are inextricably linked to corruption whereby the latter is utilised either as “a means to an end or as an end in itself”. The prevalence of one of these offences in a country usually signifies the prevalence of the other. The foregoing connection is...