Its main money laundering
exposure comes from a widespread lack of access to formal financial institutions, particularly in the rural sector.
The Anti-Money Laundering
Task Force took cognizance of the respondents' averment that contrary to the charge filed against them, they have properly submitted a Suspicious Transaction Report (STR) on 17 February 2016.
Although the commission does not have any capacity to investigate the money laundering
cases however the SECP will send three names to apex court with two or three days.
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
The use of large cash payments has repeatedly proven to be very vulnerable to money laundering
and terrorist financing.
The growing problem of money laundering
gained interest after the 9/11 terrorist attacks in 2001.
Links to Narcotics Trafficking and Money Laundering
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.
The Center of Media and Economic Studies and the Yemeni Banking Magazine held a symposium about money laundering
hazards on Yemen's economy.