NCJ Number
166101
Journal
European Journal of Crime, Criminal Law and Criminal Justice Volume: 4 Issue: 3 Dated: (1996) Pages: 257-282
Date Published
1996
Length
26 pages
Annotation
This analysis of institutions and data collection structures various countries have established to address money laundering concludes that no model system exists and that a country's choice among the police, judicial, or administrative options usually rests on the way its institutions operate or its legal traditions.
Abstract
The analysis focuses on Western Europe, Australia, Canada, and the United States. The effectiveness of agencies dealing with money laundering depends on the information they receive. However, the lack of lawful methods for collecting information and sometimes the lack of resourcefulness in gathering information can hinder the efforts of anti-laundering units. The information comes from three main sources: mandatory reporting by persons and entities covered by the law, computer databases to which the data-processing agency has access, and information exchanges with other anti-laundering services or agencies. Information processing in different countries is handled by the police, prosecutors, or ad hoc organizations. Most countries use ad-hoc administrative organizations established to filter and analyze financial data. The functions of the financial intelligence units many countries have established may include collection and centralization of information, sorting and analysis of information, national and international data exchange, strategic analysis, research, technical assistance, awareness, training, compliance monitoring, coordination, and advice. Now may also be a good time to consider the feasibility of an international information processing unit to link the efforts of the central agencies in each country. Tables, footnotes, attached list of laws, and 22 references