Anti-Money Laundering (AML) Systems

Paper Summary:

This paper explains that the Financial Task Force on Money Laundering (FATF) was formed by the G-7 nations as an intergovernmental task force to examine money laundering trends, techniques and past AML actions and to develop new, more effective measures for implementation into anti-money laundering (AML) systems. The author points out that, although Switzerland and the U.K. have developed intricate AML systems as describe in this paper, the U.S.'s enforcement oriented AML system is the international leader. The paper recommends that AML systems could be strengthened by investigating and prosecuting money laundering activity in connection with every criminal offense, which is often associated with money laundering, such as terrorism, corruption and tax evasion This paper includes tables and graphs.

Table of Contents:
Introduction
Definition of Money Laundering
Trends in Money Laundering
Anti-Money Laundering Systems: International Standards
History of the Development of Anti-Money Laundering Systems
Anti-Money Laundering Systems: The United Kingdom
Anti-Money Laundering Systems: Switzerland
The Future of Money Laundering and Anti-Money Laundering Systems
Switzerland vs. the U.K.: How Effective are Their AML Systems?
Appendix 1: Country Page - Switzerland, IBA Anti-Money Laundering Forum
Appendix 2: Country Page - the United Kingdom, IBA Anti-Money Laundering Forum
Appendix 3: FATF - The Forty Recommendations

From the Paper:

"It is important to understand past trends in methods for money laundering in order to predict and prevent the development of future methods. This is gained through an in-depth understanding of the prevalence and evolution of money laundering methods and their current and emerging trends. The identification of trends ensures that money laundering methods are understood and that action is taken to comprehend other key factors involved, such as context. Through its typologies effort, the FATF emphasized the identification and description of money laundering trends both at the worldwide level and on a more systematic basis."

Sample of Sources Used:

• "About The FATF." Financial Action Task Force, Retrieved 2/05/07 from http://www.fatf-gafi.org/pages/0,2966,en_32250379_32236836_1_1_1_1_1,00.html.
• "International Standards and Cooperation in the Fight Against Money Laundering." U.S. Embassy in Thailand, Retrieved 2/05/07 from http://bangkok.usembassy.gov/services/docs/work38.htm.
• "Laundering Money: Obscuring The Link Between The Criminal and The Crime." UN Chronicle, Summer 1998.
• Alweendo, Tom K. "Crime and Money Laundering - The Challenges." African Banking Congress, March 2005.
• Associated Press. "Anti-Money Laundering Effort Will Focus on Terrorists." The Milwaukee Journal Sentinel, 20 November 2003.

More papers on Anti-Money Laundering (AML) Systems:

• Persuasive Essay # 133264 : "Money Laundering: What Is It and How Do We Fight It?"
• Term Paper # 105793 : "Money Laundering"
• Analytical Essay # 136347 : "Money Laundering and Assets"

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