Fighting Money Laundering

Paper Summary:

The paper explains the three stages of money laundering and looks at the reporting requirements for Lebanon's the Banque du Liban. The paper shows how the Lebanese case is difficult because of the traditions of banking secrecy; an investigator would have to work through Lebanese law and bureaucracy to obtain the information he or she needs. The paper emphasizes that combating money laundering in a way that aids American and international interests requires the maintenance of a healthy respect for Lebanese institutions and customs.

Outline:
The Stages of Money Laundering
Reporting Requirements in Lebanon

From the Paper:

"Money Laundering has long been a major problem in fighting crime, in particular the kind of crime controlled by syndicates or unscrupulous businesses. Long associated with drugs, prostitution, and assorted "vices;" money laundering has taken on new importance in an age of global terrorism. Laundered funds can be used to finance a host of illicit operations from the purchase of deadly arms and weapons of mass destruction, to the setting up of terrorist or insurgent networks. Money laundering can be defined as, "the process by which one conceals the existence, illegal source, or illegal application of income, and disguises that income to make it appear legitimate." The Financial Action Task Force, an intergovernmental agency of the comprised of various member states and international bodies possesses its own methodology for discovering whether, in fact, an instance of money laundering has occurred. In 1990, the FATF introduced a set of Forty Recommendations that set the standard for investigation of international money laundering, the regulations being revised in 1996 and again in 2003."

Sample of Sources Used:

• Doyle, Todd 2002. "Cleaning Up Anti-Money Laundering Strategies: Current FATF Tactics Needlessly Violate International Law." Houston Journal of International Law 24.2: 279+.
• Gardner, Kathryn L. 2007. "Fighting Terrorism the FATF Way." Global Governance 13.3: 325+.
• "How is Money Laundered?" 2008, Money Laundering FAQ, FATF-GAFI.
• Jones, Rhys Jan. 2007. "The Money Changers: International Police Are Investigating a Complex Drug-Money Laundering Operation Based on the Ancient Hawala Money Transfer System, Which Has Links in Dubai, Turkey, Afghanistan and Italy." The Middle East: 38+.
• LAW NO. 318 FIGHTING MONEY LAUNDERING [Extract from the Official Gazette-Number 20-April 26, 2001], URL: http://www.bcblebanon.com/english/LAW/lb/law.htm.

More papers on Fighting Money Laundering:

• Persuasive Essay # 133264 : "Money Laundering: What Is It and How Do We Fight It?"
• Term Paper # 103846 : "Money Laundering: What Is It and How Do We Fight It?"
• Essay # 33382 : "The Fight Against Money Laundering"

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