ABBREVIATIONS AND ACRONYMS

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МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИ

НАЦИОНАЛЬНЫЙ ИССЛЕДОВАТЕЛЬСКИЙ ЯДЕРНЫЙ УНИВЕРСИТЕТ «МИФИ»

А.Л. Сапунцов

THE INTERNATIONAL AML/CFT FRAMEWORK: CHALLENGES FOR FINANCIAL TRANSNATIONAL CORPORATIONS FROM DEVELOPING COUNTRIES

Рекомендовано к изданию УМО «Ядерные физика и технологии»

Москва 2013

УДК [336.221.24 + 327] (075.8) ББК 65.2/4. – 65.9я7 С 19

Сапунцов А.Л. The International AML/CFT Framework: Challenges for Financial Transnational Corporations from Developing Countries. М.: НИЯУ МИФИ, 2013. – 100 с.

В книге обобщаются подходы к формированию международных стандартов противодействия отмыванию денег и финансированию терроризма (ПОД/ФТ) с учетом внедрения таких стандартов в экономику развивающихся стран для интенсификации внешнеэкономической деятельности их финансовых транснациональных корпораций. Раскрыты вопросы эволюции мер борьбы с организованной преступностью, современные источники международного права в сфере ПОД/ФТ и институциональные основы деятельности международной системы ПОД/ФТ. Изложены требования к применению стандартов ПОД/ФТ как в деятельности частного сектора, так и в соответствующих компетентных государственных органах.

Предназначена для студентов высших учебных заведений, изучающих международную систему по ПОД/ФТ на английском языке как иностранном. Примененные методы визуализации материала позволяют использовать издание в качестве справочного и учебного руководства для педагогических и научных кадров, а также для сотрудников подразделения финансовой разведки, правоохранительных и надзорных органов, работников соответствующих частных организаций.

Подготовлена в рамках Программы создания и развития НИЯУ МИФИ.

The book generalizes approaches to setting up the international standards on anti-money laundering and countering the financing of terrorism (AML/CFT). It covers the evolution of AML measures against organized crime, contemporary sources of international AML/CFT legislature, and the institutional bases of the relevant global framework. AML/CFT requirements for private sector entities, as well as methods of competent authorities operations, are covered.

Designed for university students taking the course on the international AML/CFT framework in English as a foreign language. Visualization materials may be used as reference or training guides by professors and scientists, as well as by staff of financial intelligence units, law enforcement, supervisory agencies, or relevant private entities.

Рецензент д-р экон. наук, проф. Л.Л. Фитуни

ISBN 978-5-7262-1841-0	© Национальный исследовательский
	ядерный университет «МИФИ», 2013

		CONTENTS
ABBREVIATIONS AND ACRONYMS .............................................................			6
INTRODUCTION .................................................................................................			8
1. The evolution of money laundering and AML/CFT measures .......................			10
1.1. A brief history of money laundering ........................................................			12
1.2. The first stage of ML evolution: Al Capone tax evasion charges............			13
1.3. The subsequent stages of ML evolution: better hiding techniques ..........			14
1.4. The appearance of “money laundering” expression in the legal context .15
1.5. Further development of the international AML/CFT standards ..............			16
2. An overview of money laundering and AML regime goals............................			17
2.1. Basic concept of money laundering .........................................................			19
2.2. Predicate offences: the scope and methods of AML/CFT description ....			20
2.3. Definition of money laundering in the narrow sense ...............................			21
2.4. Definition of money laundering in the broad sense .................................			22
2.5. Anti-money laundering measures of combating organized crime ...........			23
2.6. The process of money laundering and modeling of its phases.................			24
3. Applying a risk-based approach to a model AML/CFT regime .....................			25
3.1. Key institutions of a national AML/CFT regime .....................................			27
3.2. Methodology bases of a risk-based approach and national AML/CFT
coordination .....................................................................................................			28
3.3. Financial	institutions:	definition for AML/CFT purposes through
activities and operations related to managing clients’ assets ..........................			29
3.4. Definition of financial institutions for AML/CFT purposes through
activities and operations other then managing clients’ assets .........................			30
3.5. AML/CFT	definition	of designated non-financial businesses	and
professions .......................................................................................................			31
3.6. AML/CFT risk-assessment obligations and decisions for countries........			32
4. Legal requirements for a national AML/CFT regime .....................................			33
4.1. An extension of liability for money laundering to the predicate offence
perpetrator: the adverse implications for the economy ...................................			35
4.2. Dual criminality for		money laundering offences committed
internationally..................................................................................................			36
4.3. “State of mind” connected with a money laundering offence..................			37
4.4. Confiscation and provisional measures related to AML/CFT .................			38
4.5. Non-conviction based confiscation and corporate liability for money
laundering ........................................................................................................			39
5. Explanations of terrorism and the financing of terrorism ...............................			40
5.1. Social and economic origins of terrorism.................................................			42
5.2. Basic concept of terrorist financing..........................................................			43

5.3. Legal definition of terrorism and terrorist financing................................									44
5.4. Characteristics of the terrorist financing offence and legal capacity to
prosecute persons that finance terrorism .........................................................									45
5.5. Targeted financial sanctions related to terrorism, terrorist financing and
proliferation .....................................................................................................									46
6. Institutional bases of the international AML/CFT framework........................									47
6.1. The United Nations bodies of the international AML/CFT framework									..49
6.2. The United Nations organizations of the international AML/CFT
framework........................................................................................................									50
6.3. Main functions of the Financial Action Taskforce						...................................			51
6.4. The Financial Action Task Force associate members and observers.......									52
6.5. The Egmont Group of financial intelligence units and international
AML/CFT standard setters in banking, securities and insurance sectors .......									53
6.6. The Wolfsberg Group of banks and its AML/CFT documents................									54
7. Customer due diligence measures undertaken by financial institutions .........									55
7.1. General requirements for AML/CFT programs of financial institutions
and groups of financial institutions .................................................................									57
7.2. Methodology approach to customer due diligence ..................................									58
7.3. Additional features of customer due diligence.........................................									59
7.4. Customer	due diligence		measures		for legal persons			and	their
arrangements....................................................................................................									60
7.5. Actions of financial institutions in case of inability to comply with
customer due diligence requirements ..............................................................									61
7.6. AML/CFT-related		record-keeping			requirements		for	financial
institutions........................................................................................................									62
8. Risk-based approach pursued by financial institutions in customer due
diligence...............................................................................................................									63
8.1. Reliance on customer due diligence information received from third
parties...............................................................................................................									65
8.2. Potentially higher-risk situations for enhanced customer due diligence
measures ..........................................................................................................									66
8.3. Lower-risk situations for simplified customer due diligence measures...									67
8.4. Enhanced customer due diligence measures ............................................									68
8.5. Simplified customer due diligence measures ...........................................									69
9. Additional AML/CFT		measures		for	specific	activities	of	financial
institutions............................................................................................................									70
9.1. AML/CFT	requirements		for	cross-border		correspondent		banking
relationships.....................................................................................................									72
9.2. Definition of wire transfers and activities of involved parties.................									73
9.3. The scope of applying AML/CFT measures to wire transfers.................									74

9.4. AML/CFT measures of information gathering related to wire transfers .75
9.6. AML/CFT obligations for persons that provide money or value transfer
services ............................................................................................................					77
10. Additional AML/CFT measures for specific customers, entities and
professions ...........................................................................................................					78
10.1. Definition of politically exposed persons and the scope of applying
AML/CFT measures ........................................................................................					80
10.2. Additional AML/CFT measures for politically exposed persons ..........					81
10.3. AML/CFT	requirements	for	financial institutions	with foreign
operations.........................................................................................................					82
10.4. Customer due diligence and record-keeping requirements for designated
non-financial businesses and professions........................................................					83
10.5. Other AML/CFT requirements for designated non-financial businesses
and professions ................................................................................................					84
11. Competent authorities of a national AML/CFT system ................................					85
11.1. General requirements for government agencies with an AML/CFT
function............................................................................................................					87
11.2. Approaches to AML/CFT-related regulation and supervision...............					88
11.3. Financial intelligence unit and its core functions...................................					89
11.4. AML/CFT	responsibilities	of	law enforcement and	investigative
authorities ........................................................................................................					90
11.5. Detecting and countering activities of cash couriers for the AML/CFT
purposes ...........................................................................................................					91
12. Additional requirements for a national AML/CFT regime and issues of
international cooperation .....................................................................................					92
12.1. Transparency and beneficial ownership of legal persons and their
arrangements....................................................................................................					94
12.2. Prevention of using non-profit organizations for the purpose of terrorist
financing ..........................................................................................................					95
12.3. General principles of AML/CFT mutual legal assistance......................					96
12.4. Mutual legal assistance: freezing and confiscation of assets related to
money laundering and terrorist financing .......................................................					97
12.5. Extradition in relation to money laundering and terrorist financing......					98
12.6. International exchange of information between government agencies
with an AML/CFT function.............................................................................					99

	ABBREVIATIONS AND ACRONYMS
AML	anti-money laundering
AML/CFT	anti-money laundering and countering (or combating) the
	financing of terrorism
APG	Asia/Pacific Group on Money Laundering
ARS	alternative remittance system
BCBS	Basel Committee on Banking Supervision
BNI	bearer negotiable instrument
BSA	The U.S. Bank Secrecy Act (1970)
CAS	country assistance strategy
CDD	customer due diligence
CFATF	Caribbean Financial Action Task Force
CFT	countering (or combating) the financing of terrorism
COE	Council of Europe
CTC	Counter-Terrorism Committee
CTED	Counter-Terrorism Committee Executive Directorate
CTR	currency transaction report
EAG	Eurasian Group on Combating Money Laundering and the
	Financing of Terrorism
ECDD	enhanced customer due diligence
EEA	European Economic Area
ESAAMLG	Eastern and Southern Africa Anti-Money Laundering
	Group
ESW	Egmont Secure Web
FATF	Financial Action Task Force
FATF 40 Recom-	The FATF 40 Recommendations on anti-money
mendations	laundering (were in effect during 1990–2012)
FATF 40+9 RecomThe FATF 40 Recommendations and The FATF IX
mendations	Recommendations treated as a single document
FATF IX Special	The FATF IX Special Recommendations on combating
Recommendations	the financing of terrorism (were in effect during 2001–
	2012)
FATF Recom-	The FATF Recommendations (International Standards on
mendations	Combating Money Laundering and the Financing of
	Terrorism and Proliferation of February 2012)
FIU	financial intelligence unit
FSRB	FATF Style Regional Bodies
FT	financing of terrorism
G8	Group of Eight
GAFISUD	Financial Action Task Force on Money Laundering in
	South America

General Glossary	General Glossary of the FATF Recommendations
GPML	Global Program against Money Laundering
IAIS	International Association of Insurance Supervisors
IMF	International Monetary Fund
IN	Interpretive Note to a Recommendation from the FATF
	Recommendations
IOSCO	International Organization of Securities Commissions
KYC	know-your-customer
Merida Convention	United Nations Convention Against Corruption (2003)
ML	money laundering
MONEYVAL	Council of Europe the Select Committee of Experts on the
	Evaluation of Anti-Money Laundering Measures
MOU	Memorandum of Understanding
MVTS	money or value transfer services
NCCT	Non-Cooperative Countries and Territories
NPO	non-profit organization
OAS	Organization of American States
OFC	offshore financial center
Palermo Convention	United Nations Convention Against Transnational
	Organized Crime (2000)
R.	A Recommendation from the FATF Recommendations
ROSC	Report on Observance of Standards and Codes
SAR	suspicious activity report
SRB	self-regulatory body
SRO	self-regulatory organization
STR	suspicious transaction report
Strasbourg	Council of Europe Convention on Laundering, Search,
Convention	Seizure and Confiscation of the Proceeds of Crime (1990)
TA	technical assistance
TCSP	Trust and Company Service Providers
Terrorist Financing	The International Convention for the Suppression of the
Convention	Financing of terrorism (New York, 1999)
TF	terrorist financing
UN	United Nations
UNSC	United Nations Security Council
Vienna Convention	United Nations Convention Against Illicit Traffic in
	Narcotic Drugs and Psychotropic Substances (1988)
Warsaw Convention	Council of Europe Convention on Laundering, Search,
	Seizure and Confiscation of the Proceeds from Crime and
	on the Financing of Terrorism (2005)
WMD	weapons of mass destruction
Wolfsberg Group	Wolfsberg Group of Banks

INTRODUCTION

The comprehensive national regime on anti-money laundering and combating the financing of terrorism (AML/ CFT) has to be based on universally accepted approaches to legal definition of relative offences, establishment of preventive and institutional measures, and methods of interaction with foreign counterparts. It is vital to know that these approaches, partially summarized by the

Financial Action Task Force (FATF) in its documents, are subject to swift changes, because the international community has to respond to emerging threats of transnational organized crime and terrorist networks, that try to exploit the internationalization of finance and trade. Over the past decade developing countries have achieved a lot in setting up national AML/CFT regimes, yet ongoing reforms and instability in the world economy still pose threats to local financial intermediaries. An important goal of developing countries is to eliminate the abuse of the financial system which will allow their transnational corporations (TNCs) to achieve better results in foreign market expansion.

Training of staff for AML/CFT-related organizations is an important prerequisite for achieving effectiveness in combating organized financial crime and terrorism. Sources of information and documents in English are frequently used in this field, therefore it is of crucial importance for a university student to receive an advanced linguistic training. The curriculum should also include taking courses on AML/CFT in English.

Despite the availability of writings on AML/CFT in the English language, it is often quite difficult for a student to understand complicated logical links in the text. This does not only arise from limited knowledge of the foreign language itself, but is also related to concise presentation of text and the lack of structuring intended for educational purposes. One such example is the FATF Recommendations, which were greatly improved after the changes of February 2012, yet require additional visual study materials for better understating. International or-

ganizations have published some AML/CFT textbooks in English, but they have not been primarily designed to be used by foreign-speaking students.

The Institute of Financial and Economic Security at the National Research

Nuclear University MEPhI is the only Russian university that offers a major in

AML/CFT. Advanced linguistic studies and teaching of fundamental courses in English is an important part of the curriculum. The university has direct links with the Rosfinmonitoring, the Russian financial intelligence unit (FIU), where students can get on-the-job training and seek employment.

This textbook is comprised of educational materials used in teaching the course on the international AML/CFT framework in English. The author has attempted to visualize logical links between terms and categories and to compile a list of key words and key questions to be used for intermediate and final tests. Readers are strongly advised to use this book along with information from trusted sources on the Internet. In particular, the sources of information include sites of studied international organizations, where one can find extensive information on history and activities of these bodies. Full texts of official documents and other relevant recommendations, principles, and guidelines should also be studied.

The author expresses appreciation to Sherry Brock and Wane Brock for their support and advice. Their encouragement and motivation has helped to facilitate all aspects of this book.

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