Anti-Money Laundering

Anti-Money Laundering is the definitive reference on money laundering and practice. First an outline will be given of the general approach taken by supra-national organisations like the United Nations and the European Council. Next the approach taken by international organisations and initiatives on the basis of the supra-national initiatives will be outlined by senior members of those organisations. A number of countries will then describe their specific prevention legislation. Countries involved will all be member-countries of the FATF (Financial Action Task Force on Money Laundering). Finally there will be an overview to enable the reader to make a comparison between the most important topics of money laundering legislation and rules in the different countries.

Acknowledgements xi Alliance Partners xii About this book xv About the editors xvi Foreword xix Professor Kader Asmal, President FATF 2005–2006 Anti-Money Laundering – A short history 1 Wouter H. Muller (editor), Zurich International Issues 13 Compliance and AML – Standards, education and training 15 William B. Howarth, president ICA, Birmingham (UK) Anti-Money Laundering Regulation and Trusts 23 Martyn Frost, STEP Deputy Chairman, Oldham (UK) International Organizations and Initiatives 35 The United Nations Security Council and the effort to combat money laundering and the financing of terrorism 37 Joel Sollier, UNSC Counter-Terrorism Committee, New York UN Anti-Money Laundering Initiatives 49 Rick McDonell, UNODC, Vienna Initiatives of the European Commission 57 Franco Frattini, EU Commission, Brussels (Belgium) The Financial Action Task Force 69 Alain Damais, Executive Secretary FATF, Paris (France) The Egmont Group 83 Wouter H. Muller (editor), Zurich The Wolfsberg Process 93 Mark Pieth, University of Basel Countries 105 The Americas 107 USA 109 John W. Moscow, Rosner Moscow & Napierala LLP, New York Canada 127 Nancy J. Carroll & Barbara A. McIsaac, McCarthy Tétrault, Toronto/Ottawa (Ontario) Panama 141 Ricardo M. Alba & Eloy Alfaro de Alba, Tapia, Linares & Alfaro, Panama City Argentina 157 Sebastián A. Soler, Marval, O’Farrell & Mairal, Buenos Aires Brazil 167 Eliana Maria Filippozzi, Noronha Advogados, London Robert Ellis Williams, Noronha Advogados, São Paulo Uruguay 181 Fabián Rivero, Estudio Bergstein, Montevideo Ady Beitler, Montevideo Chile 195 Cristóbal Eyzaguirre, Felipe Dalgalarrando & Patricio Middleton Claro y Cia., Santiago de Chile Bahamas, Bermuda and Caribbean 211 Bermuda 213 Craig W. MacIntyre, Conyers Dill & Pearman, Hamilton Bahamas 233 Cheryl E. Bazard & Tanya C. McCartney, Bahamas Association of Compliance Officers, Nassau Cayman Islands 249 Martin Livingston, Maples & Calder, Grand Cayman British Virgin Islands 261 Craig W. MacIntyre, Conyers Dill & Pearman Barbados 275 Carolyn Hanson, ICA and Barbados Association of Compliance Professionals Christ Church, Barbados Netherlands Antilles and Aruba 295 Aede Gerbranda, Smeets Thesseling van Bokhorst, Curaçao/Amsterdam St Kitts and Nevis 307 Shawna Lake & Idris Fidela Clarke, Ministry of Finance, Basseterre, St Kitts Europe 319 Switzerland 321 Judith Schmidt, Swiss Money Laundering Control Authority, Berne Liechtenstein 341 Johannes Gasser & Markus Schwingshackl, Advokaturbüro Dr. Dr. Batliner & Dr. Gasser, Vaduz Austria 355 Thomas Schirmer & Markus Uitz, Binder Grösswang Rechtsanwälte, Vienna United Kingdom 369 Peter Burrell & Kate Meakin, Herbert Smith LLP, London Jersey 381 Andrew le Brun, Jersey Financial Services Commission, St. Helier, Jersey Guernsey 399 Mark G. Ferbrache, Ferbrache Richardson, St. Saviours, Guernsey Cyprus 419 David Stokes, Andreas Neocleous & Co, Limassol Isle of Man 435 Nick Verardi & Mark Conway, Dickinson Cruickshank, Douglas (IoM) Ireland 451 John Handoll, William Fry Solicitors, Dublin Germany 467 Olaf Otting, Gleiss Lutz, Frankfurt am Main France 483 Philippe Blaquier-Cirelli & Pierre-Yves Couturier, Jeantet Associés, Avocats àlaCour, Paris Monaco 499 Donald Manasse & Sophie Marquet, Donald Manasse Law Offices, Monaco Spain 513 Javier García Sanz & Guillermo San Pedro, Uría Menéndez, Madrid Italy 529 Alberto Giampieri & Paolo Iemma, Gianni, Origoni, Grippo & Partners, Rome/Milan Greece 541 D. Karamagiolis, Tsibanoulis & Partners, Athens Belgium 557 Françoise Lefèvre & Olivier Praet, Linklaters de Bandt, Brussels Netherlands 575 Enide Perez & Max Vermeij, Stibbe Advocaten, Amsterdam Luxembourg 595 Pit Reckinger, Elvinger, Hoss & Prussen, Avocats à la Cour, Luxembourg Russian Federation 615 Valery Tutykhin, John Tiner & Partners, Moscow Ukraine 627 Dmytro Korbut, Andreas Neocleous & Co, Kiev Middle East 641 United Arab Emirates 643 Graham Lovett & Charles Barwick, Clifford Chance, Dubai (UAE) Asia Pacific 659 Singapore 661 Chee Fang Theng, KhattarWong Advocates & Solicitors, Singapore Japan 681 Takashi Nakazaki, Anderson Mori & Tomotsune, Tokyo China 703 Donna Li, AllBright Law Offices, Shanghai Gu Xiao Rong, Institute of Law of Shanghai Academy of Social Sciences,Shanghai Hong Kong 719 Steven R. Sieker & L. Travis Benjamin, Baker & McKenzie, Hong Kong Australia 739 Andrew White, Faculty of Law, University of Melbourne, Victoria New Zealand 763 David Craig & Simon David, Bell Gully, Barristers and Solicitors, Wellington Africa 777 South Africa 779 Pieter K. Smit, Financial Intelligence Center, Pretoria Index 795