NCJ Number
152113
Date Published
1994
Length
316 pages
Annotation
This volume aims to provide professionals with a comprehensive understanding of the implications of the new laws and regulations in the European Community (EC) and the United Kingdom (UK) related to money laundering.
Abstract
Directed to financial services professionals, bankers, attorneys, regulatory agencies, auditors, and investigators, it provides historical background and discusses the sources of dirty money, and discusses the risks faced by financial institutions, and case examples such as the Pizza Connection and the Brinks Mat gold laundering. Other chapters explain the recent changes in EC and UK legislation that have made it a formal legal requirement for financial institutions operating within the EC to report suspected money laundering transactions. They note that institutions that fail to do so and are unable to show that they have set up proper regulatory procedures will potentially be liable for criminal prosecution resulting in irreparable damage to reputation and loss of business. The text provides practical guidelines on how to set up effective compliance procedures and gives advice on detecting and reporting suspicious transactions. Index; 61 references; and appended text of legislation, Organized Crime Threat Assessment by the National Criminal Intelligence Service, restatement of the European Directive on Money Laundering, and copies of two British legal forms