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International Monetary Fund

these professions, training and dialogue are necessary in order to clarify their AML/CFT obligations. 35. The Law of 11 January 1993 requires estate agents, funds transport companies, diamond merchants and casinos to designate one or more in-house compliance officers. They are responsible for ensuring compliance with the Law of 11 January 1993 in their firm. Notaries, auditors, chartered accountants, certified accountants and tax accountants, as well as lawyers, are not required to appoint an AML/CFT compliance officer, while such a requirement would seem

International Monetary Fund
This report focuses on the Observance of Standards and Codes for the Financial Action Task Force 40 (FATF) recommendations for antimoney laundering (AML) and nine special recommendations for combating the financing of terrorism (CFT) in Cape Verde. The assessment reveals that Cape Verde has taken a number of measures to establish an AML framework but is less advanced with initiatives to establish an effective CFT regime. There is scope for strengthening the framework for the criminalization of money laundering and a clear need to criminalize the financing of terrorism.
International Monetary Fund
This study provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in Kuwait and the level of compliance with FATF recommendations, and contains how the AML/CFT system could be strengthened. A detailed assessment report (DAR) is prepared. The DAR was adopted by the Middle East and North Africa Financial Action Task Force (MENAFATF). The preventive measures adopted in financial institutions are explained. The National AML/CFT committee and the committee on Combating Terrorism (CCT) are outlined. Various preventive measures are also ascribed in this paper.
International Monetary Fund

. Requirements for internal controls, compliance and audit meet most of the standards. The requirements for audit and the appointment of the AML/CFT compliance officer are not specific enough for the FATF requirements. There is no requirement for financial institutions to put in place screening procedures to ensure high standards when hiring employees. Obligations for ensuring that overseas branches, subsidiaries, agencies and representatives offices observe AML standards equivalent to Cayman Islands were recently issued. The establishment of shell banks in the Cayman Islands

International Monetary Fund
This paper focuses on observance of standards and codes on the Financial Action Task Force (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) for the Cayman Islands. The assessment reveals that the Cayman Islands’s legal framework for combating money laundering and terrorism financing is comprehensive. All designated categories of offences enumerated in the FATF 40 Recommendations are predicate offences under the Cayman law. The criminalization of FT is in accordance with FATF requirements. The confiscation regime meets most standards and is effective.
International Monetary Fund

FIs to designate an AML/CFT compliance officer at the senior management level and to ensure that the AML/CFT compliance officer and other appropriate staff have timely access to relevant information. Guide and assist MSPs and foreign exchange dealers in developing internal control policies and procedures. Issue implementing regulations for FIs that are regulated by other competent authorities than DAB. Ensure that all banks have effective internal audit systems in place, and ensure that they adequately cover all ML and TF risks. Require all the reporting

International Monetary Fund. European Dept.
Considering the Danske Bank case and in the context of a highly integrated Nordic-Baltic financial sector, this Selected Issues paper compares the money laundering (ML) threats and related supervisory vulnerabilities facing the region’s largest economies, highlights Denmark’s ongoing efforts to address those vulnerabilities, notes critical next steps, and provides recommendations aimed at maintaining the country’s current momentum for reform. The paper finds that Denmark has taken important steps to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) supervision over the last two years—including via amendments to the AML Act, a significant increase in supervisory resources, and a concomitant increase in on-site inspections—and that these steps represent relevant and necessary responses to the ML risks facing Denmark. The key is therefore to maintain and build on the momentum Denmark has already established. The skills of newly hired inspectors will take time to build, the elaboration of a comprehensive institutional risk assessment model and AML/CFT supervisory manual will take time to complete and strengthened working relationships with foreign counterparts will take time to establish and operationalize.
International Monetary Fund
The paper presents Canada’s report on the Observance of Standards and Codes on the Financial Action Task Force (FATF) recommendations for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). Canada has strengthened its overall AML/CFT regime since its last FATF mutual evaluation (1997) by implementing a number of changes both in terms of statutory amendments and structural changes. The most important developments have been the enactment of the Proceeds of Crime and Terrorist Financing Act and the creation of the Canadian Financial Intelligence Unit in 2000.
International Monetary Fund

The requirement for internal controls does not extend to all financial institutions as defined by the FATF (notably financial leasing, factoring and finance companies); There is no mandatory explicit requirement to maintain up to date internal procedures, policies and controls and such policies do not include the detection of unusual and suspicious transactions; There is no explicit requirement to ensure that the AML/CFT compliance officer has a timely access to customer identification data and other CDD information, transactions records and other relevant