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The Commonwealth has been in the forefront of international efforts to combat money laundering and terrorist financing, particularly through supporting its developing member countries to implement comprehensive Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) systems that comply with global standards.
The first edition of this book was published in 2005, and this second edition now includes additional information on understanding how terrorism is financed. It incorporates both the international standard arising from the revised Financial Action Task Force on Money Laundering 40 Recommendations and the Special Nine Recommendations. The manual will be of great use to policy-makers, regulators, financial institutions, the professions and other designated businesses in their efforts to develop viable AML/CFT systems.
The publication is divided into three main parts: the first deals with global issues, the second with national issues and in particular, national strategy formulation; and the third with financial and professional sector procedures.
PART 1: Global Issues, Strategies and Standards: 1. Background and Introduction; 2. Money Laundering: the Need for Action and the Benefits to be Obtained; 3. Understanding how Terrorism is Financed; 4. Development of International Initiatives and Standards; 5. Establishing International and Regional Co-operation; PART II National Strategies: 6. Developing National Strategies; 7. Criminalising Money Laundering; 8. Setting Obligations for the Financial Sector, the Professions and Other Designated Businesses; 9. Processing Reports, Investigations, Prosecution and Confiscation; PART III Financial Controls, Policies and Procedures: 10. Internal Controls, Policies and Procedures; 11. Establishing Customer Due Diligence Procedures; 12. Recognition and Reporting of Suspicions; 13. Retention of Records; 14. Awareness Raising and Training; Appendices.