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2010

To the theoretical aspects of anti-money laundering

The main international standards setters are the United Nations (UN), the Financial Action Task Force on money laundering (FATF), the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions ( IOSCO), and the International Association of Insurance Supervisors (IAIS), as well as regional bodies and other relevant groups, such as Asia\Pacific Group on Money Laundering (APG) and the Wolfsberg Group (comprising a number of banks with global reach) [1]. In the absence of effective international cooperation, there will be no realistic chance of defeating or significantly curbing money laundering. The regulatory regimes operating from country to country are at best piecemeal and often are widely ignored. Tax control in some countries permit easy access to financial services systems in more regulated jurisdictions, making a global minimum standard necessary for an effective reduction in money laundering.

The United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances (Vienna Convention) was the first move towards combating money laundering in the international level. The UN then published Model Legislation on Laundering, Confiscation and International Cooperation in Relation to the Proceeds of Crime in 1999, providing comprehensive guidance for countries to structure AML legislation. Other contributions on AML courses made by UN contain provisions incorporated in the United Nations Convention against Transnational Organized Crime (UNTOC) (2000) and the United Nations Convention against Corruption (2003).

The Forty Recommendations of the Financial Action Task Force on Money Laundering have been established as the international standard for effective AML measures. FATF regularly reviews its members to check their compliance with these Forty Recommendations and to suggest areas for improvement. It does this through annual self-assessment exercises and periodic mutual evaluations of its members. FATF also identifies emerging trends in methods used to launder money and suggests measures to combat them. Combating money laundering is a dynamic process because the criminals who launder money are continuously seeking new ways to achieve their illegal ends. Moreover, it has become evident to FATF through its regular typologies exercises that, as its members have strengthened their system to combat money laundering, criminals have sought to exploit weaknesses in other jurisdictions to continue their money laundering activities. In order to reduce money laundering vulnerability of the international financial systems, governments must intensify their efforts to remove any detrimental rules and practices which obstruct international co-operation against money laundering. Since the end of 1998, FATF has been engaged in a significant initiative to identify key AML weaknesses in jurisdictions inside and outside its membership. The goal of FATF‘s work in this area is to secure the adoption by all financial centers of international standards to prevent, detect and punish money laundering.

Financial sector soundness and stability has emerged as one of the principal themes of economic policy and international cooperation worldwide. With regards to AML guidance, the BCBS has issued a number of key papers, including Core Principles for Effective Banking Supervision (1997), the Prevention of the Criminal Use of the Banking System for the Purpose of Money-Laundering (1998), Core Principles Methodology (1999), the Customer Due Diligence for Banks (2001). In these papers, key principles which seek to ensure than banks are not used to hide or launder the profits of crime were highlighted; important guidance was provided for the assessment of the adequacy of KYC requirements, as well as for suspicious transaction reporting, and the sharing of information with other supervisors and law enforcement agencies both domestic and foreign; and the importance of managing operational risk and enhancing internal controls and corporate governance were also encompassed [2].

Since 2000, the International Monetary Fund (IMF) together with the World Bank started to play their roles in combating money laundering and financial crime, and protecting the international financial system. The IMF recognised that it has to play its role in protecting the integrity of the international financial systems and good governance. In 2001, the IMF provided its definition on financial system abuse, financial crime, and money laundering, as well as discussed empirical evidence on its macroeconomic impact. Later, the IMF and World Bank proposed to strengthen their role in the global fight against financial sector abuse and money laundering specifically via publicising official statements, cooperation with major international AML group, and increasing the provision of technical assistance in the area of combating money laundering.

Apart from the international arrangements concerning AML published by the abovementioned organisations and associations, self-regulatory initiatives in the banking sector also played a significant role in the AML evolution. In October 2000, eleven large international banks, in cooperation with Transparency International (TI), agreed to set a Global Anti-Money Laundering Guidelines for Private Banking (known as Wolfsberg Principles) [2], which focus on KYC requirements, client files, suspicious activities, and monitoring accounts in ways of which are consistent with supervisory principles. A study undertaken by Hinterseer [4] in 2001 looked at the importance of the Wolfsberg Principles from a unique perspective. He noted that of the 11 banks that signed the Wolfsberg Principles, most had been associated with an money laundering scandal in one form or another within the previous decade. As the first Principles focused on financial regulation of private banking activities, the involvement of international private banks, especially money laundering affected banks, shows that private banks were determined to be seen to be part of the solution, not just part of the problem. The author reviewed each of the Wolfsberg Principles in the study, and concluded that the principles constitute a series of measures adopted by certain banks, not at the behest of regulators, but voluntarily, and have the potential to make a meaningful contribution to combating money laundering.

With regards to money laundering issues in Kazakhstan, there is little literature to be found in English. One of them is evaluation report made by Eurasian group on combating money laundering and financing of terrorism (EAG) in 2011 [2]. This report summarizes the anti-money laundering (AML)/combating the financing of terrorism (CFT) measures in place in Kazakhstan as of October 2010 (i.e. as of the time of then on -site visit and immediately thereafter). The report describes and analyses those measures and provides recommendations on how certain aspects of the system could be strengthened. It also sets out the levels of compliance of the Kazakhstan with the Financial Action Task Force (FATF) 40+9 Recommendations.

The first practical step for establishing the national AML/CFT system in Kazakhstan was creation, in 2008, of the financial intelligence unit – the Financial Monitoring Committee of the Ministry of Finance of the Republic of Kazakhstan. On August 28, 2009, Law No.191-IV ― On Counteracting Legalization (Laundering) of Illegally Obtained Proceeds and Financing of Terrorism was adopted and came into force on March 9, 2010. Law No.192 IV ― On Amendments to Certain Legislative Acts of the Republic of Kazakhstan on Combating Legalization (Laundering) of Illegal Proceeds and Financing of Terrorism, adopted along with the anti-money laundering /CFT Law, introduced the appropriate amendments and modification into 26 legislative acts of the country that regulated the activities of the entities subject to financial monitoring, their industry regulators and government agencies.

 

References:

  1. Paul A Schott, Reference Guide to Anti Money Laundering and Combating the Financing of Terrorism (World Bank Publications, 2 edition, 2006)
  2. Basel committee on Banking Supervision (BCBS), http//www.bis.org/list/bcbs/index.htm\
  3. Wolfsberg Group, Global Anti-Money Laundering Guidelines for Private Banking – Wolfsberg AML Principles (2001) http://www.wolfsberg-priciples.com/standards.html/
  4. Kris Hinterseer, ‗The Wolfsberg Anti-Money Laundering Principles‘ (Summer 2001) Journal of Money Laundering
  5. http://www.kfm.gov.kz/media/uploads/mutual- evaluation/Mutual_evaluation_report_en2011.pdf
  • Magazine: NO
  • Year: 2016
  • City: Astana
  • Category: Economy

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