investigate and prosecute ML and terrorismfinancingoffences. Requirements for a combined declaratory and disclosure system for the cross-border movement of cash and negotiable monetary instruments have been recently introduced.
4. The preventive system for financial institutions incorporates most of the FATF Recommendations and applies to a range of financial institutions and most of the designated non-financial businesses and professions (DNFBPs) as defined by the FATF. While there are measures in place to deal with customer due diligence (CDD) requirements, a number
against Commonwealth law, including prosecution of Commonwealth money laundering offences and terrorismfinancingoffences. The authorities in Australia have adequate powers, structures, staffing and resources to investigate and prosecute money laundering and terrorist financing. While the legal measures are comprehensive, they are not fully effective, as investigators generally do not investigate and refer money laundering as a separate charge, and number of prosecutions for the money laundering is low.
20. Australia has a comprehensive system for reporting cross
The report provides a summary of the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures in place in Australia. It describes and analyzes those measures, and provides recommendations on how certain aspects of the system could be strengthened. Under the Financial Transactions Reports (FTR) Act 1988, cash dealers submit a range of financial transaction reports to AUSTRAC, including reports on suspicious transactions (SUSTRs) and international fund transfers. Australia’s legislative framework does not distinguish between financial institutions or specify AML/CFT obligations for financial institutions on the basis of risk. The FTR Act also applies outside Australia.
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.
9. Provisional measures available under the law include the seizing of evidence and property as well as the freezing of capital and financial transactions, whereby any of those measures are subject to approval by the Supreme Court. While seizing is available both with respect to the money laundering and the terrorismfinancingoffense, freezing measures may only be applied with respect to capital or transactions suspected to involve money laundering but not terrorism financing. Equally, measures to identify and trace property are available with respect to the
believe that the defense in Articles 33(2) of the POCL and 38(2) of the DTOL may be open to abuse by money launderers to avoid criminal liability for the acquisition, possession, or use of criminal proceeds.
102. Terrorismfinancingoffenses are explicitly excluded from the scope of the POCL and money laundering offenses based on terrorism financing may therefore not be prosecuted under the above cited provisions. The TL 2002 itself, however, contains a money laundering provision applicable to terrorism related predicate offenses.
103. Pursuant to Article 18
) enforces most Commonwealth Criminal law and the office of the Commonwealth Director of Public Prosecutions (CDPP) prosecutes offences against Commonwealth law, including prosecution of Commonwealth money laundering offences and terrorismfinancingoffences. The authorities in Australia have adequate powers, structures, staffing and resources to investigate and prosecute money laundering and terrorist financing. While the legal measures are comprehensive, they are not fully effective, as investigators generally do not investigate and refer money laundering as a separate
Jersey has put in place a comprehensive and robust Antimoney Laundering/Combating the Financing of Terrorism (AML/CFT) legal framework with a high level of compliance with almost all aspects of the Financial Action Task Force recommendations. The paper discusses a Detailed Assessment of Observance of AML/CFT report on Jersey. Both money laundering and financing of terrorism are criminalized largely in line with the international standard, and Jersey has implemented the provisions effectively.