Saint Lucia sees the importance of the fight against money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction and as such is a . Ever since the ascendancy of international organizations, such as the Organization for Economics Cooperation and Development's (OECD) Financial Action Task Force (FATF), international pressure has [2] This includes inter alia: consumer credit; mortgage credit; factoring, with or without recourse; and finance of commercial transactions (including forfeiting). Refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in the same country. Criminal activity refers to: (a) all criminal acts that would constitute a predicate offence for money laundering in the country; or (b) at a minimum to those offences that would constitute a predicate offence as required by Recommendation 3. Financial groupmeans a group that consists of a parent company or of any other type of legal person exercising control and coordinating functions over the rest of the group for the application of group supervision under the Core Principles, together with branches and/or subsidiaries that are subject to AML/CFT policies and procedures at the group level. The annex to the guidance sets out a collection of red flags and indicators for suspicion that can be used to assist in the detection of misuse of the financial systems by PEPs during a customer relationship. 6. . 1. [1] Reference to ultimately owns or controls and ultimate effective control refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control. Criminal activity refers to: (a) all criminal acts that would constitute a predicate offence for money laundering in the country; or (b) at a minimum to those offences that would constitute a predicate offence as required by Recommendation 3. refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in different countries. The offence of money laundering should extend to any type of property, regardless of its value, that directly or indirectly represents the proceeds of crime. Is a transfer comprised of a number of individual wire transfers that are being sent to the same financial institutions, but may/may not be utlimately intended for different persons (as this term is used in the Interpretive Note to Recommendation 16). <>/ExtGState<>/XObject<>/Pattern<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 595.32 841.92] /Contents 4 0 R/Group<>/Tabs/S>> The revision of the FATF Recommendations has involved the FATFs members and all the FATF Style Regional Bodies. Predicate offences may be described by . Predicate offences for money laundering should extend to conduct that occurred in another country, which constitutes an offence in that country, and which would have constituted a predicate offence . Includes foreign branches of international Non-Profit Organisations (NPOs) (as this term is used in the Interpretive Note to Recommendation 8). % The FATF requirements 2. Recommendation 3 of the Financial Action Task Force's (FATF) . Whichever approach is adopted, each country should at a minimum include a range of offences within each of the designated categories of offences 1. FATF Guidance: Politically Exposed Persons (Rec 12 and 22) Download pdf ( 957kb) A politically exposed person (PEP) is an individual who is or has been entrusted with a prominent function. However, these databases are not sufficient to comply with the PEPs requirements, nor does FATF require the use of such databases. For more information on the FATF and FATF Style Regional Bodies, consult their Web sites: The FATF Recommendations are the international standards set by the FATF to combat money laundering, terrorist financing, and more recently, the financing of proliferation. Bearer negotiable instruments (BNIs) includes monetary instruments in bearer form such as: travellers cheques; negotiable instruments (including cheques, promissory notes and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in such form that title thereto passes upon delivery; incomplete instruments (including cheques, promissory notes and money orders) signed, but with the payees name omitted. The traditional money laundering model is often used. Whichever approach is adopted, each country should, at a minimum, include a range of offences within each of the designated categories of offences. JWQ>]6_H0f)+cb_Zy!l3Bm/1i;.tq3tol5fM^ZOKs5sy!r+LLLL(&:M=ki?6=.s\d% j#tFlC. 5. Describesinformation that has been verified for accuracy(as this term is used in the Interpretive noteto Recommendation 16). Financial institutions means any natural or legal person who conducts as a business one or more of the following activities or operations for or on behalf of a customer: 1. trafficking in stolen property when those crimes occur outside U.S. borders. The impact . CFATF Public Statement on Sint Maarten at L Plenary St. Johns, Antigua and Barbuda, November 27th,2019. American banks are also permitted to accept deposits that are derived from sex and arms trafficking, racketeering and dozens of other crimes that, if they were committed in the U.S., would be predicate crimes for a money laundering offense. The 2012 FATF recommendations require APG member jurisdictions to: . The list of predicate offences is given below: Participation in an organised criminal group and racketeering. [dMYW{5ib4WyeqYsCdBXdE-[e_=CZF[Krh$"nAR}E2=I|?:Pot(ho*n S-wlVmbInK.0Ar[OE%Unly&+.B<3+W,my;{w)}m%d3\5S1,'m>[r_.sIU6RU)Tl&^E"Y(k|`Z%Y%FY\Kyzm76>Ll||%{R!.dTgM:Rn[H]z Xn[/2FwK/%~#GN\b!OcQub5gc@;{w9 According to the FATF Recommendations: "When deciding on the range of offences to be covered as predicate offences under each of the categories listed above, each country may decide, in accordance with its domestic law, how it will define those offences and the nature of any particular elements of those offences that make them serious . In this case, the person(s) or entity(ies) that held an interest in the specified funds or other assets at the time of the confiscation or forfeiture loses all rights, in principle, to the confiscated or forfeited funds or other assets. Recommended Protections: Procedural protections should prevent the release of information before indictment or subpoena. For more information on the FATF Recommendations, please visit the publication page. Source:Note on the legal basis of requirements on financial institutions and DNFBPs of the FATF Recommendations. Self-money laundering is the laundering of criminal proceeds by a person who was involved in the commission of the predicate offence. They also strengthen the requirements for higher risk situations and allow countries to take a more targeted risk-based approach. Currency refers to banknotes and coins that are in circulation as a medium of exchange. {ck%~utGYXiEK+}ZHta]O+aTA.l;'{#!I?]6&z4cyn0/l6Z`LQE,ljgxl5#LSkOkN=@m.4y+Z|-FbjByDMm#EZ=>whfV'\jb1+i#v].G /cxCLLndBmJa->x6q:*a'svJA+&Q!K Designated non-financial businesses and professionsmeans: e) Lawyers, notaries, other independent legal professionals and accountants this refers to sole practitioners, partners or employed professionals within professional firms. However, predicate offences and ML analysis still only represents something less than 1% of the work of these departments in . [1] This includes financial supervisors established as independent non-governmental authorities with statutory powers. [1] Reference to ultimately owns or controls and ultimate effective control refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control. The meaning of the term beneficiary in the FATF Recommendations depends on the context: Please also refer to the Interpretive Notes to Recommendations 10 and 16. refers to the financial institution which receives the wire transfer from the ordering financial institution directly or through an intermediary financial institution and makes the funds available to the beneficiary(as this term is used in the Interpretive Note to Recommendation 16). "Making Banks Spy on Their Customers is Not Effective Crime Fight: The Failure of Anti-Money Laundering Laws," narrated by Dan Mitchell. @cK^;%[$%kHcxG%tS;]Gf"Hr1v_x_-n~dn?_&]_)E~~_B[kS7e1\`no3%ce7v.>~}.g_frfq|{wfw>nwOu>oUZdrWaCvc{_?j[%|Uw^`>^sKz?. Updated 6AMLD Money Laundering Predicate Offenses: Adverse media categorization is a valuable KYC due diligence tool, especially since the FATF recommendations state that financial institutions must "understand their client's reputation", including previous criminal liabilities like involvement in money laundering investigations. In particular, this includes the FIU; the authorities that have the function of investigating and/or prosecuting money laundering, associated predicate offences and terrorist financing, and seizing/freezing and confiscating criminal assets; authorities receiving reports on cross-border transportation of currency & BNIs; and authorities that have AML/CFT supervisory or monitoring responsibilities aimed at ensuring compliance by financial institutions and DNFBPs with AML/CFT requirements. 2 0 obj [1] For example, to violate the Racketeer Influenced and Corrupt Organization Act (RICO), a person must "engage in a . In the context of confiscation and provisional measures (e.g., Recommendations 4, 32 and 38), the term freeze means to prohibit the transfer, conversion, disposition or movement of any property, equipment or other instrumentalities on the basis of, and for the duration of the validity of, an action initiated by a competent authority or a court under a freezing mechanism, or until a forfeiture or confiscation determination is made by a competent authority. Safekeeping and administration of cash or liquid securities on behalf of other persons. For the purposes of Recommendations6 and7 on the implementation of targeted financial sanctions, the term freeze means to prohibit the transfer, conversion, disposition or movement of any funds or other assets that are owned or controlled by designated persons or entities on the basis of, and for the duration of the validity of, an action initiated by the United Nations Security Council or in accordance with applicable Security Council resolutions by a competent authority or a court. Money or value transfer services.4. However, Turkey was able to provide the assessment team with figures related to predicate offences and ML completed files for 2018 (83) by MASAK's Analysis and Evaluation Departments to indicate that this has rebounded. 1 The FATF is an inter-governmental body which sets standards, and develops and promotes policies to combat . refers to a misrepresentation of the value of currency or BNIs being transported, or a misrepresentation of other relevant data which is asked for upon request in the disclosure or otherwise requested by the authorities. lawyers and other financial agents might be of the source of the funds, the statute could expose them to greater risks of civil and criminal liability, especially for forfeiture and money laundering statutes, Following the attacks of 11 September 2001 its mandate was broadened to . Is a transfer comprised of a number of individual wire transfers that are being sent to the same financial institutions, but may/may not be utlimately intended for different persons(as this term is used in the Interpretive Note to Recommendation 16). Predicate offences may be described by reference to all offences; or to a threshold linked either to a category of serious offences; or to the penalty of imprisonment applicable to the predicate offence (threshold approach); or to a list of predicate offences; or a combination of these approaches. All trusts (other than charitable or statutory permitted non-charitable trusts) are required to have ascertainable beneficiaries. FATF Recommendations 2012 - Updated June2021, FATF Methodology - 22 Feb 2013 Updated November 2020, CFATF Procedures for the Fourth Round of AML CFT Mutual Evaluations (27 May 2021), 4th Round of Mutual Evaluations Calendar August 2019, Home | Contact us | Sitemap | Terms and Conditions |. As a minimum, countries should include a range of serious offences within each of the designated categories as predicate offences for ML. There is a long list of serious offenses which should come before financial crimes. TAX AS A PREDICATE OFFENCE A presentation by Elisabeth Lees, Senior Crown Counsel (International Cooperation) of the Office of the DPP. Restricted access for FATF Delegates only. Caribbean Financial Action Task Force (CFATF). 1. The sanctions for non-compliance should be effective, proportionate and dissuasive (see Recommendation 35)(as this term is used in the Note on the legal basis of requirements on financial institutions and DNFBPs). For further information, please contact Alexandra Wijmenga-Daniel, FATF Communications Management Advisor (tel. [2] This definition should also apply to beneficial owner of a beneficiary under a life or other investment linked insurance policy. FATF Recommendation 1. Several substantial changes were agreed by FATF members. A number of significant and important changes have been made to the FATF Recommendations. 11. Since then, the FATF has issued 40 recommendations to fight money laundering and 9 special recommendations to fight terrorist financing. Close suggestions Search Search. Singapore, 9 October 2012.The Monetary Authority of Singapore (MAS) has issued a consultation paper on the designation of tax crimes as money laundering (ML) predicate offences in Singapore. refers to a wire transfer that combines a payment message sent directly by the ordering financial institution to the beneficiary financial institution with the routing of the funding instruction (the cover) from the ordering financial institution to the beneficiary financial institution through one or more intermediary financial institutions (as this term is used in the Interpretive Note to Recommendation 16). Predicate offences such as fraud, breach of trust, corruption, and unregistered organisations prove that Switzerland has failed to apply the Anti-Money Laundering (AML) laws and to update the . Bearer shares refers to negotiable instruments that accord ownership in a legal person to the person who possesses the bearer share certificate. Bearer shares refers to negotiable instruments that accord ownership in a legal person to the person who possesses the bearer share certificate. Illicit trafficking in narcotic drugs and psychotropic substances. handelsrelateret kriminalitet (trade-related predicate offences) og handelsbaseret hvidvask (trade-based money laundering). FATF Recommendations 2012 - Press Handout. Criminal activity refers to: (a) all criminal acts that would constitute a predicate offence for money laundering in the country; or (b) at a minimum to those offences that would constitute a predicate offence as required by Recommendation 3. refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in different countries. Sexual exploitation. threaten fiscal sovereignty but also harm the world economy. Predicate Offences - Read online for free. The revised Recommendations were agreed by FATF members on 15 February. A beneficiary can be a natural or legal person or arrangement. 4p@.$NF)$NjD&\Mf;v|p: ?IXvc.`R D:v*82 ]kPYM rv1ZN.A ,d4\r~^*d5w*u+o|-C Ay}^!M$)U~|Ay.iddMQ%v7]Z'fv l w A compound predicate is a predicate with two or more verbs connected by and. The proposed amendment 4. The Task Force defined the scope and procedure for its second round of mutual evaluationswhich will focus on the effectiveness of the anti-money laundering laws and systems in place. financial institutions to comply with the proposed new rules. . Beneficial owner refers to the natural person(s) who ultimately1 owns or controls a customer2 and/or the natural person on whose behalf a transaction is being conducted. The current legislation 3. The FATF membership is currently made up of 32 countries and territories and two regional organizations. : +33 1 45 24 95 23 or Alexandra.wijmenga-daniel@fatf-gafi.org) or the FATF Secretariat, 2, rue Andr-Pascal, 75775 Paris Cedex 16 (tel. Eight regional bodies similar to FATF, known as FATF Style Regional Bodies, have also developed. At the global level, the FATF will also monitor and take action to promote implementation of the standards. Respondent banks may be provided with a wide range of services, including cash management (e.g. In all cases, the frozen property, equipment, instrumentalities, funds or other assets remain the property of the natural or legal person(s) that held an interest in them at the time of the freezing and may continue to be administered by third parties, or through other arrangements established by such natural or legal person(s) prior to the initiation of an action under a freezing mechanism, or in accordance with other national provisions. Anti-Money Laundering / Countering the Financing of Terrorism (also used for Combating the financing of terrorism). FATF Plan to Add Tax Evasion as a Predicate Offense for Money Laundering. When proving that property is the proceeds of crime, it should not be necessary that a person be convicted of a predicate offence. 5. any future Security Council resolutions which impose targeted financial sanctions in the context of the financing of proliferation of weapons of mass destruction. Assessing risks and applying a risk-based approach: Countries should identify, assess, and understand the money laundering and terrorist. FATF 40 Recommendations. Countries should apply the crime of money laundering to all serious offences, with a view to including the widest range of predicate offences. This term therefore refers to any chain of wire transfer that takes place entirely within the borders of a single country, even though the system used to transfer the payment message may be located in another country. [5] This applies both to insurance undertakings and to insurance intermediaries (agents and brokers). Beneficial owner refers to the natural person(s) who ultimately1 owns or controls a customer2 and/or the natural person on whose behalf a transaction is being conducted. Predicate offences vary in each country and are usually codified in a country's criminal code. Financial guarantees and commitments. 3 0 obj Even though a majority of countries identify drug trafficking as a major predicate offence for money laundering, the number of investigations and prosecutions concerning the laundering of proceeds from synthetic opioids trafficking remains low. Source: The FATF Recommendations. Should U.S. authorities adopt the desired anti-competitive policies of international bureaucracies, it would expose not only 4. ); (c) exchange, interest rate and index instruments; 8. Several substantial changes were agreed by FATF members. Other changes covered the issues of shell corporations, therefinement of identification requirements including new technology developments, cross-bordercurrency monitoring, controlled delivery techniques and bureaux de change. Curious Lack of Priorities: Under current U.S. law, it is technically legal for American banks to accept the proceeds resulting from handling stolen property, customs crimes, counterfeiting, and 1. Source: FATF (2012-2020), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation. In money laundering, a predicate offense that generates funds or assets is required as an entry condition. Countries should apply the crime of money laundering to all serious offences, with a view to including the widest range of predicate offences. Policies designed to undermine tax competition and limit the free movement of capital not only unfairly criminalized, while administrative rules must define who arbitrates government requests for information, and what mechanisms allow foreign financial institutions to object to its release. ltA&cxI!mq-{zmShmZhLYVDwTNH6(;t/*:1FqN,s9RhZ`'-/_iIb@O]AK2>'V,4x+bH\t)l. First, it was decidedto extend money laundering predicate offences beyond narcotics trafficking. This report aims to raise awareness about the opioid trade, including the use of precursor chemicals . . Countries should criminalise money laundering on the basis of the Vienna Convention and the Palermo Convention. Accordingly, two mutual evaluations were conducted during FATF-VII -- France and Sweden. This term also refers to any chain of wire transfer in which at least one of the financial institutions involved is located in a different country (as this term is used in the Interpretive Note to Recommendation 16). This glossary includes definitions from the Glossary of the FATF Recommendations, as well as definitions and acronyms from other sources. When deciding on the range of offences to be covered as predicate offences under each of the categories listed above, each country may decide, in accordance with its domestic law, how it will define those offences and the nature of any particular elements of those offences that make them serious offences. According to its domestic law, a country may decide how to define predicate offences and the nature of any particular elements that make them serious offences. (v) any natural or legal person or entity designated for the application of targeted financial sanctions pursuant to Security Council resolution 2231 (2015) and any future successor resolutions by the SecurityCouncil. FinCEN supports the Department of the Treasury's efforts to promote the adoption of international standards involving anti-money laundering and the counter-financing of terrorism (AML/CFT), including through the FATF where FinCEN led the delegation from 1994 through 1998. For example using false identification is itself a crime. Mens handelsrelateret kriminalitet, som fx smugling, handler om at flytte varer illegalt, s handler handelsbaseret hvidvask alene om at flytte vrdier, hvor handel med varer og services er en metode til det (FATF 2020a . x)j> the G-20 urged FATF's International Cooperation Review Group (ICRG) to consider adding tax crimes as a predicate offense to money laundering statutes. 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