This applies to individuals who fail to disclose information when knowing, suspecting or having reasonable grounds to know or suspect a person is engaged in money laundering
For one thing, money laundering
is still a fairly new subject.
G2 clients have observed an increase in transaction laundering
attempts this year.
She said the Bureau of Investigation and General Prosecution (BIGP) is the body entitled to look into money laundering
cases and investigate all financial, non-financial and non-profit institutions if evidence proves that such activities are stipulated in the money laundering
He recalled that in the past as well as recently Cyprus was evaluated as regards money laundering
activities, adding that in November 2011, the Committee of Experts on the Evaluation of Anti-Money Laundering
Measures and the Financing of Terrorism (MONEYVAL) drafted an assessment report giving Cyprus a good evaluation as regards major anti-money laundering
and counter-terrorist financing measures.
Companies must put in place appropriate systems and controls to detect and report money laundering
, and to instill an overall compliance culture within the company to mitigate the risk of becoming conduits for money laundering
Henwood's assertions were backed up by Tim Moore, chief executive of Administration of Gambling on Tracks Ltd, the body responsible for the administration of racecourse bookmakers and the conduct of on-course betting, who said that the betting ring is regarded as a poor area to attempt money laundering
Costa Rica is a member of the Financial Action Task Force on Money Laundering
in South America (GAFISUD), a Financial Action Task Force-style regional body.
LCB -- through management complicity, failure of internal controls, and lack of application of prudent banking standards -- has been used extensively by persons associated with an international drug trafficking and money laundering
network to move hundreds of millions of dollars monthly in cash proceeds from illicit drug sales into the formal financial system.
In December 2007, Estonia was the first of the three nations to implement the EU's third anti-money laundering
directive 2005/60/EC, with the passage of a Money Laundering
and Terrorist Financing Prevention Act 2007.
PESHAWAR, November 15, 2009 (Balochistan Times): FBI experts have started special training to officials of Custom, FIA and NAB for the prevention of money laundering
while five officials arrived from Peshawar to Karachi to participate in this course.
Commercial Banks Negligent over Money Laundering
, Study Says