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A government revenue deficit is at the center of economic difficulties in many countries, and correcting it is the primary focus of most economic stabilization programs. Criminal organizations can outbid legitimate purchasers for formerly state-owned enterprises. Furthermore, while privatization initiatives are often economically beneficial, they can also serve as a vehicle to launder funds.

In the past, criminals have been able to purchase marinas, resorts, casinos and other businesses to hide their illicit proceeds and to further their criminal activities. It diminishes legitimate global opportunities because foreign financial institutions may decide to limit their transactions with institutions located in money laundering havens because the necessary extra scrutiny will make them more expensive. Legitimate businesses located in money laundering havens may suffer from reduced access to world markets or may have to pay more to have access due to extra scrutiny of ownership and control systems.

Other effects include specific counter-measures that can be taken by international organizations and other countries, and reduced eligibility for governmental assistance. Money laundering is integral to maintaining the profitability of crime. It also enables drug traffickers, smugglers and other criminals to expand their operations.

This drives up the cost of government expenses and budgets due to the need for increased law enforcement and other expenditures for example, increased health care costs for treating drug addicts to combat the serious consequences that result. Illicit money can move through numerous different commercial channels, including checking, savings and brokerage accounts; offshore entities and trusts; wire transfers: hawalas; securities dealers; banks; money services businesses and car dealers.

As many governments around the world have implemented anti-money laundering obligations for the banking sector, there has been a shift in laundering activity from the more traditional banking sector to the non-bank financial sector and to non-financial businesses and professions.

In this chapter, we will refer often to these typologies because they give good examples of how money can be laundered through different methods and in different settings. Banks and Other Depository Institutions Banks have historically been, and continue to be, an important mechanism for the disposal of criminal proceeds.

Typically, when someone wants to rapidly move money from one bank account to another, he or she sends a wire or electronic transfer of funds. It can happen within a country or across borders, and trillions of dollars are transferred in millions of transactions each day. Electronic funds transfer systems offer money launderers a fast conduit for moving money between countries and accounts. Illicit fund transfers are easily hidden among the millions of legitimate transfers that occur each day.

Money launderers may initiate unauthorized electronic transfers of funds пїЅ such as ACH debits or by making cash advances on a stolen credit card пїЅ and place the funds into an account established to receive the transfers. This could also include stealing credit cards and using the funds to purchase merchandise, which could be sold to provide the criminal with cash.

Money launderers also use electronic transfers of funds in the second phase of the laundering process, the layering cycle. The goal is to move the funds from one account to another, from one bank to another, from one jurisdiction to another, so that it becomes more difficult for law enforcement or investigative agencies to trace the origin of the funds.

To avoid detection, the money launderer may take basic precautions, such as varying the amounts sent, keeping them relatively small and, where possible, using reputable organizations. The processes in place to verify the electronic transfer of funds, however, have been tightened. Many software providers have sophisticated algorithms to detect money laundering and other suspicious activity using electronic transfers of funds.

By establishing multiple correspondent relationships globally, banks can undertake international financial transactions for themselves and for their customers in jurisdictions where they have no physical presence.

Large international banks typically act as correspondents for thousands of other banks around the world. Respondent banks obtain a wide range of service through the correspondent relationship, including cash management for example, interest bearing accounts in a variety of currencies , international wire transfers of funds, check clearing, payable-through accounts and foreign exchange services. The services offered by a correspondent bank to smaller, less well-known banks may be restricted to non-credit, cash management services.

Those respondent banks judged to be sound credit risks, however, may be offered a number of credit related products for example, letters of credit and business accounts for credit card transactions. Correspondent banking is vulnerable to money laundering for two main reasons: 1. This indirect relationship means that the correspondent bank provides services for individuals or entities for which it has neither verified the identities nor obtained any first-hand knowledge.

This makes it more difficult to identify the suspect transactions, as the financial institution generally does not have the information on the actual parties conducting the transaction to know whether they are unusual. While requesting compliance questionnaires will provide some comfort, the correspondent bank is still very reliant on the respondent doing some due diligence on the customers it allows to use the correspondent account.

This adds another layer and means the correspondent bank is even further removed from knowing the identities or business activity of these sub-respondents, or even the types of financial services provided. Pursuant to this section, institutions must set up risk- based due diligence to mitigate the money laundering risks posed by foreign financial institutions. A shell bank is a bank that has no physical presence in any country a physical presence Is a place of business where the institution has at least one full-time employee, maintains operating records related to its banking activities, is subject to inspection by the banking authority that licensed it to conduct banking activities and is not a regulated affiliate of a legitimate bank.

The Senate Subcommittee report identified several cases of shell banks that facilitated millions of dollars worth of fraud schemes. In most cases, the shell banks were subject to no regulatory oversight whatsoever. As a result of the report, most countries now prohibit shell banks from operating and also prohibit their institutions from establishing relationships with shell banks. The rule also stipulates that U. Before establishing correspondent accounts, banks should be able to answer basic questions about the respondent bank, including who its owners are and the nature of its regulatory oversight.

Soon after, the branch received two warning letters, including one from the Central Bank of Cyprus, which advised the bank of the financial and reputational risks of doing business with entities that included First Merchant. More warning letters came later, but the bank did not close the First Merchant accounts until spring Those arrangements are called payable-through accounts PTAs. This is different from the traditional correspondent relationship, where the respondent bank will take orders from their customers and pass them on to the correspondent bank.

In these cases, the respondent bank has the ability to perform some level of oversight prior to executing the transaction. PTAs can have a virtually unlimited number of sub-account holders, including individuals, commercial businesses, finance companies, exchange houses or casas de cambio, and even other foreign banks. Sometimes the sub-account holders are not identified to the correspondent bank.

Lombard was permitted to have multiple authorized signatures on the account. The sub-account holders would bring cash deposits to Lombard representatives in four Central American countries. Concentration Accounts Concentration accounts are internal accounts established to facilitate the processing and settlement of multiple or individual customer transactions within the bank, usually on the same day.

These accounts are also known as special-use, omnibus, settlement, suspense, intraday, sweep or collection accounts. Concentration accounts are frequently used to facilitate transactions for private banking, trust and custody accounts, funds transfers and international affiliates.

Money laundering risks can arise in concentration accounts if the customer-identifying information, such as name, transaction amount and account number, is separated from the financial transaction.

If separation occurs, the audit trail is lost, and accounts may be misused or administered improperly. Banks that use concentration accounts should implement adequate policies, procedures and processes covering operation and recordkeeping for these accounts. Here are some anti-money laundering practices for these accounts.

Private Banking Private banking is an extremely lucrative, competitive and worldwide industry and is an important issue when discussing the money laundering field. In the early s, private banking received unwanted publicity from the scandal surrounding the movement of hundreds of millions of dollars of purportedly ill-gotten money belonging to Raul Salinas, the brother of former Mexican President Carlos Salinas.

Fierce competition among private bankers for the high net-worth individuals who are their main clientele has given rise to the need for tighter government controls worldwide.

This relationship with Pinochet, included flying to and from Chile on his private jet and taking hundreds of thousands of dollars worth of cashiers checks to Pinochet, which later were found to be the proceeds of corruption. Riggs also facilitated the movement of money through real estate transactions that appeared to be structured in such a way as to avoid linking them to Pinochet.

Riggs Bank, which was a well-respected bank founded in the s, was fined millions of dollars for violations of the U. Bank Secrecy Act. Their assets may move overseas where they are held in the name of corporations established in secrecy havens. Private investment companies PICs , which have been an element of many high-profile laundering cases in recent years, are excellent laundering vehicles. PICs are corporations established by individual bank customers and others in offshore jurisdictions to hold assets.

The secrecy laws of the offshore havens where PICs are often established can conceal the true identity of their beneficial owners. As an additional layer of secrecy, some PICs will be established with nominal owners, who hold title to the company for the benefit of individuals who remain undisclosed and sometimes subject to an attorney-client privilege or other similar legal safeguards. Many private banks establish PICs for their clients, often through an affiliated trust company in an offshore secrecy haven.

PEPs have been the source of problems for some financial institutions, as set forth in the examples below. It is a crime in many countries, and must be reported by filing a suspicious transaction report.

The individuals engaged in structuring are runners, hired by the launderers. These individuals go from bank to bank depositing cash and purchasing monetary instruments in amounts under the reporting threshold. Structuring can be done in many settings or industries, including banking, money services businessess and casinos. Couriers from a number of cities would visit him in his apartment, leaving boxes and suitcases full of money. The bagmen were messengers from narcotics distributors.

The money was payment to their suppliers in Colombia. Officials in the bank were bribed to accept his massive deposits without filing currency transaction reports CTRs. The Botero group used offshore corporations to invest in Florida real estate as another way to launder money from cocaine deals. Botero was indicted in the United States and testimony in federal court showed he had bribed officers and employees of the Landmark Bank in Plantation, Florida, to accept his deposits. The money was brought in almost daily by Botero front companies.

From Landmark, the money was transferred to the Miami accounts of Colombian banks. From there, it was a simple matter to wire the money to banks in Colombia. By the early s, the federal Operation Greenback had arrested Kattan, Botero, and others. Kattan and Botero were sentenced to year terms in federal prison. Sometimes the structurer uses identification documents of dead people supplied by the money brokers.

It is not uncommon for brokers to have more than 20 of these checking accounts in Country A available at any given time. The term cuckoo smurfing first originated in investigations in the United Kingdom, where it is a significant money laundering technique. The cuckoo is a European bird that is a parasite because it lays its eggs in the nests of other birds, which hatch them and rear the offspring. The main difference between traditional structurer and cuckoo smurfing is that in the latter the third parties who hold the bank accounts being used are not aware of the fact that illicit money is being deposited into their accounts.

The associate in the foreign country will have cash that needs to be placed into the financial system. The beneficiary will receive the full amount of the transfer and the associate in the foreign country will be able to place some of its cash into the financial system. Another form of placing large amounts of cash into the financial system is called microstructuring. Microstructuring is essentially the same as structuring, except that it is done at a much smaller level. This level of structuring makes it extremely difficult to detect.

In the case of a Colombian drug cartel, the cash proceeds of U. These accounts have an ATM card linked to them. The card is provided to associates in Colombia. The deposits are made on a regular schedule, which is communicated by the U.

The Colombian associates withdraw the funds, as they are deposited, in Colombian pesos and provide them to the drug lords.

In one case in New York, an individual was trailed by law enforcement authorities as he went from bank to bank in Manhattan. Institutions and businesses have learned that an insider can pose the same money laundering threat as a customer. It has become part of the mantra in the anti-money laundering field that it is essential to maintain co-equal programs to know your customer and to know your employee.

In an effort to identify and anticipate trouble before it costs time, money and reputation, companies are developing programs to look closely at the people working inside their own four walls. While background screening of prospective and current employees, especially for criminal history, can keep unwanted employees out and can identify those to be removed, institutions need ongoing controls to help identify those employees who may be actively committing crimes against their employers.

In this case, it is critical to have solid internal controls, such as ensuring that Customer Due Diligence files are complete, having suspicious activity monitoring alerts carefully reviewed when they continue to arise in the portfolio of a particular account officer, and understanding customer and employee relationships. On the plus side, their relatively small size, compared to banks and other financial institutions, makes it harder for criminals to launder illicit cash because suspicious activity can be more easily discovered within a smaller volume of transactions, the JMLSG report found.

Not surprisingly, the more financial services a credit union offers, the higher the potential risk for money laundering, as these credit unions tend to contain a larger clientele and offer potential criminals a larger range of possible ways to conceal their illicit funds.

The group concluded that other high-risk transactions include: money transfers to third parties, third parties paying in cash for someone else and reluctance to provide identity information when opening an account. The JMLSG even advised credit unions to watch for unusual activity in the accounts of children because parents could be trying to use those funds for illicit purposes, thinking such transactions would draw less attention.

Credit card accounts are not likely to be used in the initial placement stage of money laundering because the industry generally restricts cash payments.

They are more likely to be used in the layering or integration stages. Example Money launderer Josh prepays his credit card using illicit funds that he has already introduced into the banking system, creating a credit balance on his account.

Josh then requests a credit refund, which enables him to further obscure the origin of the funds, which constitutes layering. Josh then uses the illicit money he placed in his bank account and the credit card refund to pay for a new kitchen that he bought. Through these steps he has integrated his illicit funds into the financial system.

Alternatively, he could smuggle the cash out of one country into an offshore jurisdiction with lax regulatory oversight, place the cash in offshore banks and пїЅ again пїЅ access the illicit funds using credit or debit cards. Government Accountability Office, the Congressional watchdog of the United States, offered hypothetical money laundering scenarios using credit cards.

They establish a bank account with a U. While in another country, where their U. Money is deposited by one of their cohorts in the U. They receive cash from their clients which is transferred to designated beneficiaries against payment of a commission. These businesses provide a valid and legitimate financial service. The industry is popular with many individuals who do not have real access to formal banking services and because money remitters often charge lower commission rates than banks for transferring money abroad.

Funds are often transferred to the least advanced regions of the world, where no formal banking services exist. This type of banking will be described in greater detail in the section on terrorist financing.

Like banks, remittance services have been widely used for money laundering. The risks of laundering are not confined to the informal funds transfer networks; they may also apply to official networks like those of the government postal service.

The FATF report on money laundering typologies stated that the authorities of a Scandinavian country had noticed a steep increase in international money orders to the countries of the former Yugoslavia. In a FATF member country, the mail was reported to have been used to send packages containing large cash sums and drugs anonymously. The biggest misconception about this industry is that there is minimal oversight.

The scrutiny to which money remitters are subject can vary greatly, in large part due to the ease with which some money transmitters can set up their business and not be subject to any regulation. This is why one of the most important aspects of due diligence for a bank when establishing a relationship with a money transmitter is to confirm that the customer is properly licensed. Cash proceeds from criminal activities can also transit through the money exchange sector.

The Counter often had a surplus of high denomination bank notes. The owner Peter knew these notes were not popular and, therefore, had them exchanged into smaller denomination notes at a nearby bank. The employees of the bank branch regarded the exchanges, which did not have any sound economic reason, as dubious and reported the transactions. Peter had a record with the police related to fencing stolen property and dealing in drugs, and because of this he transferred ownership of The Counter to a new owner named Andre with no police record.

The financial intelligence unit consulted various police files and established that the police had been nother observing this exchange office for some time. The technique suspect transactions were passed on to the crime commonly used by squad in the town where The Counter had its office, money remitters and the crime squad started an investigation. The records of The Counter to the criminal showed that many transactions were not recorded in organization at the official books and records.

The investigation showed that The Counter and its owners were working with a group of drug traffickers, who used the exchange office to launder their proceeds, and this formed a substantial part of the turnover of the business. This case underscored the need for banks and large, legitimate bureaux de change to pay attention to their business relations with smaller bureaux, particularly when supplying or exchanging currency.

Insurance Companies In its typologies report, FATF experts submitted case examples that showed the vulnerabilities of the insurance sector to money laundering.

The primary emphasis in the examples was on the investment aspect of life insurance policies. Most significant laundering and terrorist financing risks in the insurance industry are found in life insurance and annuities products. While many life insurance policies are generally structured to pay a certain sum upon the death of the insured, others have an investment value which can create a cash value if the policyholder wishes to cancel the policy. Life insurance policies that have an investment feature, which can increase the death benefit as well as the cash value of the policy, are often referred to as whole life or permanent life.

An annuity is an investment that ost significant provides a defined series of payments in the future laundering and terrorist in exchange for an up-front sum of money. Annuity financing risks in the contracts may allow criminals to exchange illicit insurance industry are funds for an immediate or deferred income stream, found in life insurance which usually arrives in the form of monthly and annuities products.

In both cases, a policyholder can place a large sum of money into a policy with the expectation that it will grow based on the underlying investment, which can be fixed or variable.

For example, in some jurisdictions, life insurance policies are viewed as an investment vehicle similar to securities. We will discuss the securities industry in the next section.

In contrast to life insurance and annuities, policies for property insurance, casualty, title or health insurance typically do not offer investment features, cash build-ups, the option of transferring funds from one to another, or other means of hiding or moving money.

The customer can over- fund the policy and move funds into and out of the policy while paying early withdrawal penalties. When such funds are reimbursed by the insurance company by check, for example , the launderer has successfully obscured the link between the crime and the generated funds.

The bonds can be purchased from insurance companies and then redeemed prior to their full term at a discount. This process allows the money launderer to get an insurance check, which represents cleaned funds.

However, as more insurance companies are subject to AML program requirements, this type of money laundering is more readily detected and reported. The launderer buys a policy with illicit money and then tells the insurance company that he has changed his mind and does not need the policy. After paying a penalty, the launderer redeems the policy and receives a clean check from a respected insurer.

Immigration and Customs Enforcement ICE in Miami learned that Colombian drug cartels were laundering large sums of money through the purchase of life insurance policies in Europe, the United States and offshore jurisdictions. The probe found that Colombian cartels, using a small number of insurance brokers, were buying investment-grade life insurance policies with cartel associates as beneficiaries.

The policies were purchased with drug proceeds sent to the insurance companies via wire transfers and checks by third parties around the globe. The investigation revealed that the cartels were then cashing out these policies after short periods of time, despite the financial penalties invoked for early liquidation. It is an industry that runs by computer transfers and paper.

Its use in the money laundering process is generally after launderers have disposed of their cash through other methods. The illicit money laundered through the securities sector can be generated by illegal activities both from outside and from within the sector. For illegal funds originating outside the sector, securities transactions for the creation of legal entities may be used to conceal or obscure the source of these funds layering.

In the case of illegal activities within the securities market itself пїЅ for example embezzlement, insider trading, securities fraud, market manipulation пїЅ the transactions or manipulations generate illegal funds that must then be laundered. In both cases, the securities sector offers the launderer the potential for a double advantage: allowing him to launder illegal funds and to acquire additional profit from the related securities fraud. Money laundering can occur in the securities industry in customer accounts that are used only to hold funds and not for trading.

That allows launderers to avoid banking channels with more stringent money laundering controls. These transactions involve the entry of matching buys and sells in particular securities, which creates the illusion of trading. Example Josh opens a securities account at two brokerage firms with money that he made through drug trafficking.

In one account, he takes a long position for a Eurodollar futures contract and, in the other account, he takes a short position for a Eurodollar futures contract. Whatever the market does, the losses and profits will offset each other, and he can request the proceeds of his activity in the form of a check from a reputable brokerage firm. This enables him to launder his money with minimal expenses, outside the costs of the transactions, without risking his principal, and, by using accounts at multiple firms, he decreases the likelihood of being detected.

They are under constant management pressure to expand their client base and to manage more assets. A money launderer can potentially use this to his advantage by promising a large or steady commission stream. Banks remain an important mechanism for the disposal of criminal proceeds.

In this chapter, we described some special vulnerabilities for money laundering through banks and other depository institutions, such as electronic funds transfers, correspondent bank accounts, PTAs and private banking. The fact that other industries, such as car dealers, money remittance businesses, securities and insurance firms, have similar vulnerabilities to money laundering and criminal misuse provide ample evidence as to why they too have AML compliance program obligations.

High rollers, big profits, credit facilities and a variety of other factors combine to create a glittering amount of cash that flows from the house to the players and back. Where it is legally permitted, billions of dollars readily flow between the customer and casino.

Casinos and other businesses associated with gambling, such as bookmaking, lotteries and horse racing, continue to be associated with money laundering because they provide a ready made excuse for recently acquired wealth with no apparent legitimate source. The services offered by casinos will vary depending on the jurisdiction in which they are located and the measures taken in that jurisdiction to control money laundering.

Money laundering through casinos generally occurs in the placement stage, i. Often, rather than requesting repayment by check in the casino where the chips were purchased with cash, the gambler says that he will be traveling to another country in which the casino chain has an establishment, asks for his credit to be made available there and withdraws it in the form of a check in the other jurisdiction. In its typologies report, FATF says that gaming businesses and lotteries were being used increasingly by launderers.

In its report, FATF gave examples of gambling transactions that enabled drug dealers to launder their money through casinos and other gambling establishments. He had been playing on a credit line extended by the casino which gave him one week to pay back the amount he lost.

He asked the casino to refrain from reporting the cash transaction to the government, but was rebuffed. To facilitate the process, the casino provided a limousine and driver to assist in the banking transactions. In November , the gambler and the casino employee who had accompanied him on their banking sojourn were indicted by a federal grand jury for, among other things, structuring cash transactions to prevent the filing of currency transaction reports.

The European Directive on money laundering provides a common framework for including trade in gold, diamonds and other high- value items within anti-money laundering monitoring systems. Effective January , the USA Patriot Act required certain dealers in covered and finished goods, including precious metals, stones and jewels, to establish an anti-money laundering program. However, in many other jurisdictions these industries are yet to be regulated for money laundering control purposes.

Gold is attractive to money launderers. As set forth by FATF in its typology report, gold has high intrinsic value in a relatively compact form, which is easy to transport. It can be bought and sold easily and often with anonymity for currency in most areas of the world. It is more readily accepted than precious stones, especially since it can be melted down into many different forms. It holds its value regardless of the form it takes пїЅ whether as bullion or as a finished piece of jewelry пїЅ and is thus often sought after as a way of facilitating the transfer of wealth.

For some societies, gold carries an important cultural or religious significance that adds to its demand. FATF provided the following example: Example An asset management company was responsible for managing the bank portfolios of two individuals active in gold purchases in Africa. Transfers were regularly made from these accounts to accounts in a European country. Wishing to verify the use of the funds, the asset management company asked its clients for a description of the channels used to pay for the gold in Africa.

The information received permitted the company to identify an intermediary residing in Europe who was responsible for paying the suppliers in Country F. Based on this information, the asset management company reported the case to the FIU and blocked the accounts.

Information exchanged with foreign counterparts permitted this illegal trade to be linked to an ongoing foreign investigation, which targeted the same individual for arms trafficking. In certain instances, some of the transactions in a particular scheme do not take place at all, but are represented with false invoicing.

The paperwork is then used to justify transferring funds to pay for the shipments. The false invoicing scheme, whether over-billing or under-billing for the reputed goods or services provided, is a common money laundering technique. They receive and hold precious metal credits for a customer, which can be drawn on by that customer.

The customer can request the return of the precious metals, the sale and return of monetary proceeds, or the delivery of precious metal to another person. The agents had received information that Colombian drug cartels were laundering money through the purchase, smuggling and resale of diamonds and gold. The cartels were instructing their U. Based on this information, ICE agents launched an investigation in into several New York jewelers alleged to be involved in the money laundering.

According to the charges, the jewelers were approached by undercover agents posing as drug dealers. The jewelers offered to smelt the gold into small objects, such as belt buckles, screws and wrenches, to facilitate smuggling the transfer into Colombia.

Illegal trade in diamonds has become an important factor in armed conflict in certain areas of the world, and terrorist groups may be using diamonds from these regions to finance their activities. Individuals and entities in the diamond sector have also been involved in complex diamond-related money laundering cases.

As with gold, the simplest typology involving diamonds consists of the direct purchase of the gems with ill-gotten money.

Some of the detected schemes were covers for laundering the proceeds of illicit diamond trafficking. In others, diamond trading was used as a method for laundering proceeds generated by other criminal activity.

The multi-million-dollar fine art industry can also serve as a convenient money laundering vehicle. Anonymous agents at art auction houses bid millions of dollars for priceless works. It is an ideal mechanism for the money launderer.

The agencies operated a fake bank in Anguilla targeting the financial networks of international drug traffickers. Several undercover companies were established by law enforcement in different jurisdictions as fronts designed to supply laundering services to the traffickers. The works were later seized by the U. Ask that they sign and date a form that states that the item was not stolen and that they are authorized to sell it.

Be suspicious of any item whose asking price is not commensurate with its market value. The database contains more than , items reported by enforcement agencies, insurers and individuals as being stolen.

Avoid accepting cash payments unless there is a strong and reputable reason. Travel Agencies Travel agencies can also be used as a means for money launderers to mix illegal funds with clean money to make the illegal funds look legitimate, by providing a reason to purchase high- priced airline tickets, hotels and other vacation related expenses.

Real-Life Case Operation Chimborazo, named for the famous Ecuadorean mountain, was a large multinational effort in the mids aimed at businesses suspected of laundering drug proceeds. The operation focused on the money laundering organization of Hugo Cuevas Gamboa, a reputed principal launderer for the Cali Cartel. In , law enforcement teams cracked down on several businesses in Latin American countries, which included travel agencies.

Vehicle Sellers This industry includes sellers and brokers of new vehicles, such as automobiles, trucks, and motorcycles; new aircraft, including fixed- wing airplanes and helicopters; new boats and ships, and used vehicles.

Most money laundering cases dealing with vehicle dealers have one common element: the unreported use of currency to pay for the automobiles. Gatekeepers: Notaries, Accountants, Auditors, Lawyers Countries around the world have been putting responsibilities on professionals, such as lawyers, accountants, company formation agents, auditors and other financial intermediaries, who have the ability to either block or facilitate the entry of illegitimate money into the financial system.

Violations may subject gatekeepers to prosecution, fines and even imprisonment. Such arrangements may serve to confuse the links between the proceeds of a crime and the perpetrator. Sometimes these professionals may carry out various financial operations on behalf of the client for example, issuing and cashing checks, making deposits, withdrawing funds from accounts, engaging in retail foreign exchange operations, buying and selling stock, and sending and receiving international funds transfers.

Criminals with large amounts of money to invest may pose as individuals hoping to minimize tax liabilities or seeking to place assets out of reach in order to avoid future liabilities.

FATF cites the following example in its typologies report of how a lawyer may help set up a complex laundering scheme: Example This case involved 19 individuals in the medical service industry, along with a lawyer who was also an accountant. The prosecution alleged violations involving conspiracy, false claims, wire fraud and money laundering and resulted in both primary defendants forfeiting property and millions of dollars and serving prison terms.

The false claims involved fictitious patient claims and false service claims. Health care providers, including therapists, registered nurses and physicians, operated the shell corporations. Numerous accounts were created at four or five separate banks for the purpose of amassing and moving these funds.

The issue of requiring attorneys to be gatekeepers in the anti- money laundering area has been controversial due to the fact that attorneys have a confidential relationship with their clients. Gatekeeper issues in the U. Many regulators within the U. Even if the U. What are they? Transactions of multiple account holders are combined and their identities are unknown to the holding FCM.

Commodity trading advisers are persons who engage in the business of advising others, either directly or indirectly, as to the value or advisability of trading futures contracts or commodity options, or issue analyses or reports concerning trading futures or commodity options.

Due to the fact that they direct such accounts, advisers are in a unique position to observe activity that may suggest money laundering. As such, they need to be aware of what types of activity may indicate potential laundering or terrorist financing and need to implement a compliance program to detect and deter such activity.

There are two types of IB-Cs, guaranteed and independent. This entailed laundering billions of dollars from the Middle East to the U. BCCI auditors said that when the commodities investments and huge trading losses were initially uncovered, they were duped into believing that BCCI had discontinued speculative trading.

But BCCI surreptitiously continued its commodities trading activity by transferring funds to Capcom through a Panamanian shell corporation established for this purpose. Futures trading losses were disguised to deceive auditors.

The commodities market was a natural fit for BCCI because of its minimal regulation and supervision, compared with the regulation of the banking and securities industries. Capcom took advantage of that regulatory atmosphere by engaging in substantial trading in speculative futures contracts. The Saudi investors were able to recoup their investment in BCCI by diverting funds through Capcom into their personal accounts.

The funds were deposited into a Capcom account and a paper loss on commodity trades was generated to offset the deposits. Trust and Company Service Providers Trust and company service providers TCSP include those persons and entities that, on a professional basis, participate in the creation, administration or management of corporate vehicles.

However, trust and company services may well be provided by lawyers and other professionals. For example, in most, if not all, jurisdictions, lawyers will be engaged in the formation of foreign companies for clients to hold assets e. Although the vast majority of companies and trusts are used for legitimate purposes, legal entities or other types of legal relationships formed by these professionals remain common to money laundering schemes.

According to Transparency International, the reason to focus on service providers, rather than the company or trust, is that the latter are merely the tools through which the launderers operate. A company owned by criminals cannot protect itself, but service providers can, through diligence, reduce the risk of abusing the vehicles with which they have a relationship.

That is why it is important that countries regulate service providers. Regulations should stipulate how the service provider is to conduct its business, including how directors selected by the provider are to meet their obligations as trustees or trusteeships.

In its report, Transparency International said that the first jurisdiction to bring these activities under regulatory control was Gibraltar, which enacted legislation in Some other offshore jurisdictions have either introduced some form of regulatory control or will in the future.

Regulations are not uniform; they range from a simple minimum capitalization requirement to full regulatory oversight. Often, the scope of the legislation is limited, excluding certain types of activities.

Furthermore, while some jurisdictions include service providers within their anti-money laundering regulations пїЅ for example, by making compliance with the regulations a condition of licensing пїЅ many do not, leaving service providers free of any anti-money laundering duties beyond those imposed upon the general public.

Real Estate Industry The real estate sector is frequently used in money laundering activities. The laundering cases that have involved the use of criminal proceeds in real estate transactions support the need for this sector to be under the anti-money laundering regulatory umbrella.

Investing illicit capital in real estate is a classic method of laundering dirty money, particularly in countries with political, economic and monetary stability. The use of nominees, who hide the identity of the true beneficial owner, was found to exist in Laundering may be accomplished either by way of buying and selling real estate to hide the illicit source of funds the layering phase , or by investment in, for example, tourist or holiday complexes that lend an appearance of legality the integration phase.

In its typology report, FATF cited a Scandinavian case involving a previously convicted drug trafficker who had made several investments in real estate and was planning to buy a hotel. Countless real estate and business deals are closed every day using escrow funds. Escrow accounts, generally maintained by real estate agents and brokers and other fiduciaries, are designed to hold funds entrusted to someone for protection and proper disbursement.

They are attractive to money launderers because of the large number of diverse transactions that can pass through them in any deal. Even a small U. Nearly every real estate transaction requires the deposit of a large check from the mortgagee, as well as checks and cash required from the buyer at closing. A money laundering title insurance agent can make multiple deposits of cash on a given day at several banks in amounts under the currency reporting threshold, credited to different, non-existent closings.

The deposits appear to be normal business activities, but they could very well represent the steady accumulation of funds for the purchase of real property by a person wishing to hide the origin of his funds. Each closing entails numerous routine disbursements for things such as the payment of the proceeds to the seller, payoff of the mortgage, real estate commissions, taxes, satisfaction of liens and other payments. To a bank and other observers, the disbursement of funds at a closing may appear to be all one legitimate set of transactions.

Few financial institutions have policies or procedures concerning escrow accounts. Because of the large balances escrow accounts often maintain, banks are tempted to handle them gingerly. In some cases, they allow escrow account overdrafts and payments against uncollected funds with few penalties.

Using data purchased from the U. Commerce Department, the software can detect abnormal pricing schemes involving every commodity that leaves or enters the U. They found that over-pricing or under-pricing imports and exports facilitates tax evasion, money laundering and terrorist financing. The professors concluded that the most popular fraudulent pricing scheme is to under-value exports instead of over-pricing imports.

The government watches imports closely because of the revenues generated by import duties, but little attention is paid to the pricing of exports, leaving that avenue open to exploitation.

In practice, this can be achieved through the misrepresentation of the price, quantity or quality of imports or exports. Moreover, trade-based money laundering techniques vary in complexity and are frequently used in combination with other money laundering techniques to further obscure the money trail. Money launderers can move money out of one country by simply using their illicit funds to purchase high-valued products, and then exporting them at very low prices to a colluding foreign partner, who then sells them in the open market at their true value.

To give the transactions an air of legitimacy, the partners may use a financial institution for trade financing, which often entails letters of credit and other documentation. The FATF study concluded that trade-based money laundering represents an important channel of criminal activity and, given the growth of world trade, an increasingly important money laundering and terrorist financing vulnerability.

Moreover, as the standards applied to other money laundering techniques become increasingly effective, the use of trade-based money laundering can be expected to become increasingly attractive. The brokers sell checks and wire transfers drawn on those accounts to legitimate businesses, which use them to purchase goods and services in the U. It reduced their risk of losing their money through seizures and they got their money faster, even though they paid a premium to the peso broker.

Today, the BMPE facilitates the money laundering operations of the cartels and the illegal import of U. M For financial institutions to detect and prevent laundering by peso brokers, they must be familiar with the common laundering methods oney launderers used by the brokers. The most common can move money out of one scheme involves multiple checking accounts country by simply using their opened at U.

Immigration and Customs Enforcement ICE agents launched an undercover investigation into a Colombian drug smuggling and money laundering organization. Over the next two years, undercover ICE agents posed as money launderers for this organization. They routinely picked up drug cash from organization employees in various U. The Colombian organization then instructed the agents to wire the drug funds to specified accounts around the globe belonging to major U.

In one example, undercover agents were ordered by the Colombian organization to pick up a suitcase full of drug cash in New York. ICE agents later determined that the wire transfers of drug proceeds to the U. The investigation further revealed that this U. The investigation revealed that many of the U. Colombia 1 2 6 Colombian To launder the Importer uses cartel sells dollars, cartel the drug drugs to U. Source: United States Department of Homeland Security Money Laundering Risks Associated With New Technologies Well-financed and technologically savvy criminals can move large amounts of funds easily and quickly from one country to another using electronic means.

These include consultation, transfers, wholesale cash management, automated clearinghouse services, funds transfers, bill presentment and payment, balance inquiries, loan applications and investment services. In its typologies report, FATF said that Internet or telephone banking helps create distance between banker and client, and hence lessens or even eliminates the physical contact on which traditional client identification rested.

While these services clearly have practical advantages for clients in terms of convenience, they make it more difficult to detect laundering activities because some of the traditional methods of supervision cannot be applied.

A significant money laundering risk for a financial institution offering online customer services is that there is greater difficulty in matching the customer with the provided identification documentation. This can be difficult for online banks that often rely on customers to confirm who they are through passwords given the fact that passwords can be stolen or otherwise compromised.

Often, cyberspace banks do not accept conventional deposits. However, cyberbanks could be organized to take custodial-like forms пїЅ holding, reconciling and transferring rights to assets held in different forms around the world.

Money launderers can create their own systems shadowing traditional commercial banks in order to accept deposits, perhaps as warehouses for cash or other bulk commodities.

If cyberbanking permits person-to-person cash-like transfers, with no actual cash involvement, existing currency reporting regulations do not apply.

There is evidence in some FATF jurisdictions that criminals are using Internet gambling to launder criminal proceeds. Despite attempts to deal with the potential problems of Internet gambling through regulation, requiring operating licenses, or banning such services outright, a number of concerns remain.

For example, transactions are primarily performed through credit cards, and the offshore location of many Internet gambling sites makes locating and prosecuting relevant parties difficult, if not impossible.

According to the U. Those governments exert inadequate controls, the report concludes, adding that the number of offshore financial centers with online gambling sites more than doubled between and Louis, Missouri, alleged that, by processing payments for online gambling companies, PayPal, the big Internet payment service that facilitates the exchange of money via e-mail, violated the money laundering law prohibiting the international transmission of money derived from criminal activity.

This law was reinforced by the U. PayPal stopped processing payments for online gambling companies in November , a month after it was acquired by the online giant auctioneer, eBay. Hearings by the U. Senate Permanent Subcommittee on Investigations in disclosed that correspondent accounts of foreign banks at Bank of America and J. Morgan Chase had moved tens of millions of dollars in Internet gambling proceeds. Some credit card issuers no longer allow use of its credit cards for online gambling, thus decreasing the money laundering opportunities through cyberspace.

How does an institution know whether a credit card is used for online gambling? The card relies on codes that indicate types of transactions. Many credit card statements list those category codes showing what customers spent on entertainment or travel, for example. The bank can thus block transactions coded for Internet gambling. Whatever exposure the interactive gaming industry has to money laundering can be mitigated through rigorous regulation, the organization added. Nevertheless, online gambling provides an excellent method of money laundering because transactions are conducted principally through credit or debit cards.

Site operators are typically unregulated offshore firms. This can affect a financial institution because the Internet gambling sites often have accounts in offshore banks that, in turn, use reputable domestic correspondent banks.

Tracing the source and ownership of illegal money that moves through these accounts can be difficult for enforcement and regulatory agencies. Real-Life Case In a joint Russian-British operation in , Russian police charged three men with extorting money from British online gambling companies by overwhelming their computers with huge amounts of e-mail and demanding money to relent.

According to press reports, police had followed a money trail from London, to the Caribbean, Latvia and then to Russia. In October , FATF published a report that examined the ways in which money can be laundered through the exploitation of new payment technologies prepaid cards, Internet payment systems, mobile payments, and digital precious metals. The report found that, while there is a legitimate market demand for these payment methods, money laundering and terrorist financing vulnerabilities exist.

Specifically, cross-border providers of new payment methods may pose more risk than providers operating just within a particular country. Maxwell India Herbert United States Roy United States Cornell India Cornell Turkey Blake United States Keith United States Avery Germany Nelson United States Algernon United States Tim Peru Archer United States Ryan United States Aaron Turkey Bowen Germany Leopold India Tracy Germany

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If you need more time to understand certain areas that were difficult to grasp, highlight or summarize those areas and allocate additional time with a new due date. The most important strategy in managing your study time is to maintain your focus. Shifting your attention to a new learning activity e.

If superfluous thoughts e. Then go back to studying! That is, they read and memorize. This learning strategy rote learning may improve shortпїЅterm memory, but it is ineffective in the acquisition and integration of new knowledge. A more effective method is to make learning a practical exercise. Integrate the new information into concepts that are familiar to you, using real- life examples or situations where this new knowledge could be used. If you cannot find a connection with one concept, try connecting it to another concept.

Chances are you will find a connection, which will make the material relevant, thus, helping you learn the concept. While we recommend that you use the sample test questions in this guide, you should also test your knowledge by creating your own review questions as you study each of the sections of the guide.

Keep in mind what has been stressed in the Examination Preparation Seminar, the Examination Preparation Guide and the recommended reading, and examine the relationships between concepts and sections. Often, simply by changing section headings you can generate effective questions. To recall and retrieve information more accurately and systematically, it is recommended that you organize the information in an outline format.

Next, in the boxes in between, you could describe the impact each issue or step has on the process as a whole. Also, recall some of the questions from sample test questions found in this guide or from your own pool of questions, and try to answer them.

Make a note or highlight the sections that you had difficulty recalling and set a time and due date on your study schedule to review them. The more you study, the more you will be able to recall, the more the content will become more relevant and useful, and the more you will learn. Although you may feel you learn better while music plays in the background, be aware that these conditions will not be replicated during the examination; so you may need to adjust your learning environment.

The greater the similarities between your learning conditions and the examination, the greater the probability that the material you study will be recalled more easily during the examination. Cramming a couple of days before the examination may seem like a good idea, but it may actually cause confusion and anxiety, which can set you up for failure.

Taking charge of your study schedule and assuming responsibility for your own learning will not only help you assimilate new knowledge, but will help you build confidence in your ability to succeed on the examination. Failure to incorporate this practice into your daily routine may lead to mental exhaustion.

So how do you rest the brain? Stick to those timeframes and, if needed, schedule new timeframes to review more complex topics. Doing so will help you build confidence about your ability to master the content. Starting with content that you already know may cause you to delay studying the more difficult subjects.

Pick a special place i. Using a timer, set your study times in one-hour intervals, with to minute breaks. Keeping healthy snacks and drinks readily available, and stretching and relaxing during each break will reduce stress and will help you to stay focused. Allocate longer periods of time to prepare the material and to review and learn the concepts. Allow shorter periods for other tasks, such as reviewing and taking a practice test.

If you feel tired or have difficulty concentrating, even after resting for a few minutes, you are no longer productive. Stop and go back to studying later. Use this strategy to ask questions of each other, compare notes and motivate each other. Note that this technique does not work well when the two buddies have different study schedules, motivation and determination. Creating an outline facilitates this task. Attempting to learn new material two or three days before the examination may cause stress and may increase test anxiety.

But do not dwell on how ready you feel to take the examination. Feeling ready and being ready are two different things. Feeling ready brings in an emotional factor that could be counterproductive.

That is, because the feeling of readiness cannot be measured accurately and objectively, attempting to assess your feeling of readiness could in fact increase stress and anxiety levels. Conversely, being ready means recognizing that you have honestly done your very best by planning and preparing in advance i.

Focusing your attention on being ready rather than feeling ready will help you to cope best with stress and test anxiety. Many, particularly those who do not feel ready for the test, may channel their stress and anxiety at others and the last thing you need is for someone to infect you with negative thoughts.

After all, that is what you did when reviewing for the examination. So, work on reinforcing your strengths and minimizing your weaknesses. Optimum performance comes from maintaining strong physical, emotional and intellectual condition. If you are prone to distraction, select a seating area where your view of other test-takers is minimal.

Although multiple-choice examinations may seem easier than other types e. Thus, multiple-choice examinations may be highly complex and can often be very challenging to answer. The following suggestions may help you improve your multiple-choice test-taking skills. Do not stop at the second or third choices even if you are sure that you have found the correct answer. Keep in mind that your job is to pick the best available answer.

Through logic and common sense, it is possible to eliminate some choices, thus, narrowing your answer to fewer choices. Pick the choice that offers the stronger, more substantial explanation. Approach such questions by deleting пїЅ to the extent you can пїЅ all unconnected or seemingly unnecessary information such as adjectives and adverbs or phrases which, if removed, do not appear to change the meaning of the question which can distract you.

This may help you understand a question better. Then, using the margin or scrap paper, list the steps or sequence of events the way you think they should be, and select the choice that best matches what you wrote. However, in eliminating incorrect answers, remember that some answers may seem unfamiliar or strange to you for the simple reason that they are incorrect.

This rule suggests that, if you feel you cannot answer the question after one minute has elapsed, move to the next question and come back to it later; you may recall the information later on. Once you make your selection, however, do not change it unless you are absolutely sure that your new selection is the right one. It should be of concern if your anxiety level reaches the point where it is affecting your daily life i.

A sensible approach is to make anxiety work for you by, for example, channeling it into enhancing your performance. Of course, this is not always easy. Nevertheless, it is possible and you can make it happen by changing your attitude towards the examination, following the steps laid out above, believing in your ability and relaxing.

Hold it for five seconds. Exhale, open your eyes and relax your muscles. The terrorist attacks of September 11, revolutionized the Anti-Money Laundering AML field and brought into stark relief the threat of the movement and disguising of funds destined for the support of terrorism throughout the world, introducing a whole new effort to combating the financing of terrorism CFT.

As a result of the governmental reaction in virtually all countries, banks, non-bank financial institutions and non- financial businesses face tougher national and international legal requirements and harsher penalties than ever before.

By the same token, the regulators of those businesses and the law enforcement agents and prosecutors who enforce the criminal laws also face greater challenges and responsibilities in their work. As AML rules in most countries grow in complexity and number, the demand for certifiably qualified and knowledgeable AML compliance and reporting officers has grown dramatically. At the same time, the importance of ensuring that they have the essential skills for the job continues to grow.

The Association of Certified Anti-Money Laundering Specialists ACAMS was created in response to the present and growing need for certification of specialized knowledge, career development and networking opportunities for professionals in the AML field. The founding sponsor, Alert Global Media Inc. As laws proliferate and the expectations of financial institutions, regulators and governments rise, the number of people worldwide who devote their careers to the prevention, detection and control of money laundering grows.

ACAMS is dedicated, and its operations are devoted, to certifying AML professionals in their specialized knowledge and giving them an array of learning and continuing education benefits that will help them in their work and careers.

It provides high quality, industry-relevant education and benefits for its members and is the leading professional membership organization that offers specialized AML certification. ACAMS acts as a forum where professionals can exchange strategies and ideas. Membership ACAMS is an international membership organization that provides career development and networking opportunities for individuals who have an active interest in the prevention and detection of money laundering.

Since its inauguration in February , ACAMS membership has grown significantly and continues to grow at an increasing rate each year. There has been much discussion about how governments and businesses can help employees keep up with the widening array of rules and approaches to battling financial wrongdoing. From all this, the fundamental question remains: what should the public and private sectors do to curb money laundering, terrorist financing and corruption? In response to the great resourcefulness of money launderers, terrorists and corrupt politicians, organizations are urgently seeking competent AML practitioners.

It is a designation that is only given to candidates who pass a rigorous examination that is produced by an independent company of psychometricians with AML content guidance and advice from a worldwide group of AML experts. Professionals whose responsibilities include identifying and preventing money laundering and terrorist financing may certify their knowledge by earning the CAMS designation.

The crucial task of employing certifiably knowledgeable AML specialists motivates hundreds of organizations to reach out to ACAMS to certify their pertinent employees. Practitioners, corporations, businesses and governments face constant change in AML compliance and regulatory requirements. In order to stand out among their peers and to better meet the expectations of their organizations, AML practitioners from all over the world seek the CAMS designation. Purpose of Certification The CAMS designation has become the most sought-after and prestigious credential in the AML field and is a crucial asset in the advancement of careers and professional standing.

The CAMS credential denotes proven knowledge in the detection and prevention of money laundering. Career opportunities abound for AML T specialists and continue to grow each day in all financial industries and regulatory hose who need the government agencies. Those who laundering specialist are now need the services of a compliance officer or more vigilant and demanding, AML specialist are now more vigilant and as legal responsibilities and demanding as the legal requirements and government expectations government expectations have grown and have grown and become more have become more complicated.

Significant complicated and demanding. The CAMS certification provides evidence of this advanced knowledge and ability. The CAMS certification is a internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the industry and to experience professional growth.

Studying for the examination also offers guidance in designing and implementing tailored AML programs. The number of persons with the CAMS designation continues to rise as members discover the career-enhancing potential of the certification.

The CAMS Candidate Handbook contains information on the necessary qualifications for registering for the CAMS examination, including eligibility requirements and policies, an outline of the content of the examination and an application form and instructions. CAMS certification candidates should keep the candidate handbook for reference until after completing the examination. Generally, examination registration should be completed and all fees processed two months or more before the date of the examination.

For additional information on applying for the CAMS examination, application requirements, scheduling your examination, admission to the test center, or other eligibility requirements or administration aspects of the examination, please e-mail info acams.

Therefore, CAMS-designated professionals are required to earn continuing education credits through training, education and other professional development activities such as attending approved conferences and seminars.

No specific laws of any nation or region serve as the basis for the examination. This study formed the basis for the first CAMS examination conducted from International principles, references and documents, including those of the Financial Action Task Force FATF , the Wolfsberg Group, the Basel Committee, the Egmont Group, the European Union and other bodies, provide the framework for AML controls in the public and private sectors and are designed to be of global and universal significance, utility and relevance.

The CAMS examination contains multiple-choice and multiple-select questions. The CAMS Candidate Handbook and the Process for Applying for the Certification Examination The candidate handbook contains information on the necessary qualifications needed to register for the CAMS examination, including eligibility requirements and policies, an outline of the content of the examination, and the examination application form and instructions.

You may also check the website for application deadlines and other useful information. This Guide provides a comprehensive, self-paced preparation aid for the CAMS certification examination.

As such, it serves the learning needs of both the novice and the expert AML professional from any industry or government agency anywhere in the world. Conclusion Congratulations on your decision to pursue the most respected and widely recognized international credential in the AML field. We welcome and invite you to embark on a journey that may lead you to career advancement, international recognition and respect among peers and superiors.

Read on, study hard and good luck! M oney laundering involves taking criminal proceeds and disguising their illegal source in anticipation of ultimately using the criminal proceeds to perform legal and illegal activities. Simply put, money laundering is the process of making dirty money look clean.

The Financial Action Task Force FATF is a Paris-based multinational or inter-governmental body formed in by the Group of Seven industrialized nations to foster international action against money laundering.

According to FATF, crimes such as illegal arms sales, narcotics trafficking, smuggling and other activities of organized crime can generate huge amounts of proceeds. Whereas funds destined for money laundering are, by definition, derived from criminal activities, such as drug trafficking and fraud, terrorist financing may include funds from perfectly legitimate sources used to finance acts of terrorism. Terrorist funds may be used for operating expenses, including such things as paying for food, and rent, as well as for the actual terrorist acts.

Terrorists, similar to criminal enterprises, covet secrecy of transactions and access to funds. Both terrorists and money launderers use the same methods to move their money in ways to avoid detection, such as structuring payments to avoid reporting and underground banking, such as the ancient system of hawala. We will discuss terrorist financing later in this chapter. Three Stages in the Money Laundering Cycle Money laundering often involves a complex series of transactions that are usually difficult to separate.

Often, this is accomplished by placing the funds into circulation through financial institutions, casinos, shops and other businesses, both domestic and international. This second stage involves converting the proceeds of the crime into another form and creating complex layers of financial transactions to disguise the audit trail, source and ownership of funds.

This stage entails using laundered proceeds in seemingly normal transactions to create the perception of legitimacy. The launderer, for instance, might choose to invest the funds in real estate, financial ventures or luxury assets. By the integration stage, it is exceedingly difficult to distinguish between legal and illegal wealth.

This stage provides a launderer the opportunity to increase his wealth with the proceeds of crime. Money laundering and terrorism financing can have potentially devastating economic, security and social consequences. The negative impacts of money laundering tend to be magnified in these markets because they tend to have less stable financial systems, a lack of banking regulations and effective law enforcement, and, therefore, are more susceptible to disruption from criminal or terrorism influences.

When a country is seen as a haven for money laundering, it will attract people who commit crime. If money laundering is prevalent, there is likely to be more corruption.

Criminals may try to bribe government officials, lawyers and employees of financial or non-financial institutions so that they can continue to run their criminal businesses. Money launderers are known to use front companies, or businesses that appear legitimate and engage in legitimate business, but are in fact controlled by criminals who commingle the proceeds of illicit activity with legitimate funds to hide the ill-gotten gains. These front companies have access to substantial illicit funds, allowing them to subsidize front company products and services at levels well below market rates.

Thus, front companies have a competitive advantage over legitimate firms that draw capital funds from financial markets. Clearly, the management principles of these criminal enterprises are not consistent with traditional free market principles of legitimate business; thus resulting in further negative macroeconomic effects.

Finally, by using front companies and other investments in legitimate companies, money laundering proceeds can be used to control whole industries or sectors of the economy of certain countries.

This increases the potential for monetary and economic instability due to the misallocation of resources from artificial distortions in asset and commodity prices.

It also provides a vehicle for evading taxation, thus depriving the country of revenue. They can negatively affect the stability of individual banks or other financial institutions, such as securities firms and insurance companies. Indeed, criminal activity has been associated with a number of bank failures around the globe, including the failure of the first Internet bank, the European Union Bank, as well as Riggs Bank.

Furthermore, some financial crises of the s пїЅ such as the fraud and money laundering scandal at the Bank of Credit and Commerce International BCCI and the collapse of Barings Bank as a risky derivatives scheme carried out by a trader at a subsidiary unit unraveled пїЅ had significant criminal or fraud components.

Financial institutions that rely on the proceeds of crime have additional challenges in adequately managing their assets, liabilities and operations. The adverse consequences of money laundering are generally described as reputational, operational, legal and concentration risks.

As an example, adequately managing their assets, for a bank, reputational risk represents the liabilities and operations. The loss of high-quality borrowers reduces profitable loans and increases the risk of the overall loan portfolio. Depositors may withdraw their funds. Moreover, funds placed on deposit with a bank may not be able to be relied upon as a source of funding once depositors learn that a bank may not be stable.

Depositors may be more willing to incur large penalties rather than leaving their funds in a questionable bank, resulting in unanticipated withdrawals, causing potential liquidity problems. Operational risk is described as the potential for loss resulting from inadequate internal processes, personnel or systems or from external events.

Such losses occur when institutions incur reduced or terminated inter-bank or correspondent banking services or an increased cost for these services. Increased borrowing or funding costs are also a component of operational risk.

For instance, legitimate customers may become victims of a financial crime, lose money and sue the organization for reimbursement. Also, certain contracts may be unenforceable due to fraud on the part of the criminal customer.

Concentration risk is the potential for loss resulting from too much credit or loan exposure to one borrower or group of borrowers. This is particularly a concern where there are related counter-parties, connected borrowers, and a common source of income or assets for repayment.

Loan losses can also result, of course, from unenforceable contracts and contracts made with fictitious persons. McDowell and Novis indicate that money laundering is critical in the effective operation of transnational and organized crime. Volatility in exchange and interest rates due to unanticipated cross-border transfers of funds can also be seen.

To the extent that money demand appears to shift from one country to another because of money laundering пїЅ resulting in misleading monetary data пїЅ it will have adverse consequences for interest and exchange rate volatility, particularly in economies based on the US dollar, as the tracking of monetary aggregates becomes more uncertain.

Last, money laundering can increase the threat of monetary instability due to the misallocation of resources from artificial distortions in asset and commodity prices.

Furthermore, to the extent that money laundering and financial crime redirect funds from sound investments to low-quality investments that hide their origin, economic growth can suffer. In some countries, entire industries, such as construction and hotels, have been financed not because of actual demand, but because of the short-term interests of money launderers.

When these industries no longer suit the needs of the money launderers, they abandon them, causing a collapse of these sectors and immense damage to economies that could ill-afford these losses. Money laundering diminishes government tax revenue and, therefore, indirectly harms honest taxpayers.

It also makes government tax collection more difficult. This loss of revenue generally means higher tax rates than would normally be the case. A government revenue deficit is at the center of economic difficulties in many countries, and correcting it is the primary focus of most economic stabilization programs. Criminal organizations can outbid legitimate purchasers for formerly state-owned enterprises. Furthermore, while privatization initiatives are often economically beneficial, they can also serve as a vehicle to launder funds.

In the past, criminals have been able to purchase marinas, resorts, casinos and other businesses to hide their illicit proceeds and to further their criminal activities. It diminishes legitimate global opportunities because foreign financial institutions may decide to limit their transactions with institutions located in money laundering havens because the necessary extra scrutiny will make them more expensive.

Legitimate businesses located in money laundering havens may suffer from reduced access to world markets or may have to pay more to have access due to extra scrutiny of ownership and control systems. Other effects include specific counter-measures that can be taken by international organizations and other countries, and reduced eligibility for governmental assistance.

Money laundering is integral to maintaining the profitability of crime. It also enables drug traffickers, smugglers and other criminals to expand their operations. This drives up the cost of government expenses and budgets due to the need for increased law enforcement and other expenditures for example, increased health care costs for treating drug addicts to combat the serious consequences that result.

Illicit money can move through numerous different commercial channels, including checking, savings and brokerage accounts; offshore entities and trusts; wire transfers: hawalas; securities dealers; banks; money services businesses and car dealers.

As many governments around the world have implemented anti-money laundering obligations for the banking sector, there has been a shift in laundering activity from the more traditional banking sector to the non-bank financial sector and to non-financial businesses and professions.

In this chapter, we will refer often to these typologies because they give good examples of how money can be laundered through different methods and in different settings. Banks and Other Depository Institutions Banks have historically been, and continue to be, an important mechanism for the disposal of criminal proceeds.

Typically, when someone wants to rapidly move money from one bank account to another, he or she sends a wire or electronic transfer of funds. It can happen within a country or across borders, and trillions of dollars are transferred in millions of transactions each day. Electronic funds transfer systems offer money launderers a fast conduit for moving money between countries and accounts. Illicit fund transfers are easily hidden among the millions of legitimate transfers that occur each day.

Money launderers may initiate unauthorized electronic transfers of funds пїЅ such as ACH debits or by making cash advances on a stolen credit card пїЅ and place the funds into an account established to receive the transfers. This could also include stealing credit cards and using the funds to purchase merchandise, which could be sold to provide the criminal with cash. Money launderers also use electronic transfers of funds in the second phase of the laundering process, the layering cycle.

The goal is to move the funds from one account to another, from one bank to another, from one jurisdiction to another, so that it becomes more difficult for law enforcement or investigative agencies to trace the origin of the funds. To avoid detection, the money launderer may take basic precautions, such as varying the amounts sent, keeping them relatively small and, where possible, using reputable organizations.

The processes in place to verify the electronic transfer of funds, however, have been tightened. Many software providers have sophisticated algorithms to detect money laundering and other suspicious activity using electronic transfers of funds. By establishing multiple correspondent relationships globally, banks can undertake international financial transactions for themselves and for their customers in jurisdictions where they have no physical presence.

Large international banks typically act as correspondents for thousands of other banks around the world. Respondent banks obtain a wide range of service through the correspondent relationship, including cash management for example, interest bearing accounts in a variety of currencies , international wire transfers of funds, check clearing, payable-through accounts and foreign exchange services.

The services offered by a correspondent bank to smaller, less well-known banks may be restricted to non-credit, cash management services. Those respondent banks judged to be sound credit risks, however, may be offered a number of credit related products for example, letters of credit and business accounts for credit card transactions.

Correspondent banking is vulnerable to money laundering for two main reasons: 1. This indirect relationship means that the correspondent bank provides services for individuals or entities for which it has neither verified the identities nor obtained any first-hand knowledge.

This makes it more difficult to identify the suspect transactions, as the financial institution generally does not have the information on the actual parties conducting the transaction to know whether they are unusual. While requesting compliance questionnaires will provide some comfort, the correspondent bank is still very reliant on the respondent doing some due diligence on the customers it allows to use the correspondent account.

This adds another layer and means the correspondent bank is even further removed from knowing the identities or business activity of these sub-respondents, or even the types of financial services provided.

Pursuant to this section, institutions must set up risk- based due diligence to mitigate the money laundering risks posed by foreign financial institutions. A shell bank is a bank that has no physical presence in any country a physical presence Is a place of business where the institution has at least one full-time employee, maintains operating records related to its banking activities, is subject to inspection by the banking authority that licensed it to conduct banking activities and is not a regulated affiliate of a legitimate bank.

The Senate Subcommittee report identified several cases of shell banks that facilitated millions of dollars worth of fraud schemes.

In most cases, the shell banks were subject to no regulatory oversight whatsoever. As a result of the report, most countries now prohibit shell banks from operating and also prohibit their institutions from establishing relationships with shell banks.

The rule also stipulates that U. Before establishing correspondent accounts, banks should be able to answer basic questions about the respondent bank, including who its owners are and the nature of its regulatory oversight. Soon after, the branch received two warning letters, including one from the Central Bank of Cyprus, which advised the bank of the financial and reputational risks of doing business with entities that included First Merchant.

More warning letters came later, but the bank did not close the First Merchant accounts until spring Those arrangements are called payable-through accounts PTAs. This is different from the traditional correspondent relationship, where the respondent bank will take orders from their customers and pass them on to the correspondent bank. In these cases, the respondent bank has the ability to perform some level of oversight prior to executing the transaction.

PTAs can have a virtually unlimited number of sub-account holders, including individuals, commercial businesses, finance companies, exchange houses or casas de cambio, and even other foreign banks.

Sometimes the sub-account holders are not identified to the correspondent bank. Lombard was permitted to have multiple authorized signatures on the account. The sub-account holders would bring cash deposits to Lombard representatives in four Central American countries. Concentration Accounts Concentration accounts are internal accounts established to facilitate the processing and settlement of multiple or individual customer transactions within the bank, usually on the same day.

These accounts are also known as special-use, omnibus, settlement, suspense, intraday, sweep or collection accounts. Concentration accounts are frequently used to facilitate transactions for private banking, trust and custody accounts, funds transfers and international affiliates.

Money laundering risks can arise in concentration accounts if the customer-identifying information, such as name, transaction amount and account number, is separated from the financial transaction. If separation occurs, the audit trail is lost, and accounts may be misused or administered improperly.

Banks that use concentration accounts should implement adequate policies, procedures and processes covering operation and recordkeeping for these accounts. Here are some anti-money laundering practices for these accounts. Private Banking Private banking is an extremely lucrative, competitive and worldwide industry and is an important issue when discussing the money laundering field. In the early s, private banking received unwanted publicity from the scandal surrounding the movement of hundreds of millions of dollars of purportedly ill-gotten money belonging to Raul Salinas, the brother of former Mexican President Carlos Salinas.

Fierce competition among private bankers for the high net-worth individuals who are their main clientele has given rise to the need for tighter government controls worldwide. This relationship with Pinochet, included flying to and from Chile on his private jet and taking hundreds of thousands of dollars worth of cashiers checks to Pinochet, which later were found to be the proceeds of corruption.

Riggs also facilitated the movement of money through real estate transactions that appeared to be structured in such a way as to avoid linking them to Pinochet. Riggs Bank, which was a well-respected bank founded in the s, was fined millions of dollars for violations of the U.

Bank Secrecy Act. Their assets may move overseas where they are held in the name of corporations established in secrecy havens. Private investment companies PICs , which have been an element of many high-profile laundering cases in recent years, are excellent laundering vehicles. PICs are corporations established by individual bank customers and others in offshore jurisdictions to hold assets.

The secrecy laws of the offshore havens where PICs are often established can conceal the true identity of their beneficial owners. As an additional layer of secrecy, some PICs will be established with nominal owners, who hold title to the company for the benefit of individuals who remain undisclosed and sometimes subject to an attorney-client privilege or other similar legal safeguards.

Many private banks establish PICs for their clients, often through an affiliated trust company in an offshore secrecy haven. PEPs have been the source of problems for some financial institutions, as set forth in the examples below. It is a crime in many countries, and must be reported by filing a suspicious transaction report. The individuals engaged in structuring are runners, hired by the launderers. These individuals go from bank to bank depositing cash and purchasing monetary instruments in amounts under the reporting threshold.

Structuring can be done in many settings or industries, including banking, money services businessess and casinos. Couriers from a number of cities would visit him in his apartment, leaving boxes and suitcases full of money. The bagmen were messengers from narcotics distributors. The money was payment to their suppliers in Colombia. Officials in the bank were bribed to accept his massive deposits without filing currency transaction reports CTRs. The Botero group used offshore corporations to invest in Florida real estate as another way to launder money from cocaine deals.

Botero was indicted in the United States and testimony in federal court showed he had bribed officers and employees of the Landmark Bank in Plantation, Florida, to accept his deposits. The money was brought in almost daily by Botero front companies.

From Landmark, the money was transferred to the Miami accounts of Colombian banks. From there, it was a simple matter to wire the money to banks in Colombia. By the early s, the federal Operation Greenback had arrested Kattan, Botero, and others. Kattan and Botero were sentenced to year terms in federal prison.

Sometimes the structurer uses identification documents of dead people supplied by the money brokers. It is not uncommon for brokers to have more than 20 of these checking accounts in Country A available at any given time. The term cuckoo smurfing first originated in investigations in the United Kingdom, where it is a significant money laundering technique.

The cuckoo is a European bird that is a parasite because it lays its eggs in the nests of other birds, which hatch them and rear the offspring. The main difference between traditional structurer and cuckoo smurfing is that in the latter the third parties who hold the bank accounts being used are not aware of the fact that illicit money is being deposited into their accounts. The associate in the foreign country will have cash that needs to be placed into the financial system.

The beneficiary will receive the full amount of the transfer and the associate in the foreign country will be able to place some of its cash into the financial system. Another form of placing large amounts of cash into the financial system is called microstructuring. Microstructuring is essentially the same as structuring, except that it is done at a much smaller level.

This level of structuring makes it extremely difficult to detect. In the case of a Colombian drug cartel, the cash proceeds of U. These accounts have an ATM card linked to them. The card is provided to associates in Colombia. The deposits are made on a regular schedule, which is communicated by the U. The Colombian associates withdraw the funds, as they are deposited, in Colombian pesos and provide them to the drug lords. In one case in New York, an individual was trailed by law enforcement authorities as he went from bank to bank in Manhattan.

Institutions and businesses have learned that an insider can pose the same money laundering threat as a customer. It has become part of the mantra in the anti-money laundering field that it is essential to maintain co-equal programs to know your customer and to know your employee. In an effort to identify and anticipate trouble before it costs time, money and reputation, companies are developing programs to look closely at the people working inside their own four walls.

While background screening of prospective and current employees, especially for criminal history, can keep unwanted employees out and can identify those to be removed, institutions need ongoing controls to help identify those employees who may be actively committing crimes against their employers.

In this case, it is critical to have solid internal controls, such as ensuring that Customer Due Diligence files are complete, having suspicious activity monitoring alerts carefully reviewed when they continue to arise in the portfolio of a particular account officer, and understanding customer and employee relationships. On the plus side, their relatively small size, compared to banks and other financial institutions, makes it harder for criminals to launder illicit cash because suspicious activity can be more easily discovered within a smaller volume of transactions, the JMLSG report found.

Not surprisingly, the more financial services a credit union offers, the higher the potential risk for money laundering, as these credit unions tend to contain a larger clientele and offer potential criminals a larger range of possible ways to conceal their illicit funds.

The group concluded that other high-risk transactions include: money transfers to third parties, third parties paying in cash for someone else and reluctance to provide identity information when opening an account. The JMLSG even advised credit unions to watch for unusual activity in the accounts of children because parents could be trying to use those funds for illicit purposes, thinking such transactions would draw less attention. Credit card accounts are not likely to be used in the initial placement stage of money laundering because the industry generally restricts cash payments.

They are more likely to be used in the layering or integration stages. Example Money launderer Josh prepays his credit card using illicit funds that he has already introduced into the banking system, creating a credit balance on his account. Josh then requests a credit refund, which enables him to further obscure the origin of the funds, which constitutes layering. Josh then uses the illicit money he placed in his bank account and the credit card refund to pay for a new kitchen that he bought.

Through these steps he has integrated his illicit funds into the financial system. Alternatively, he could smuggle the cash out of one country into an offshore jurisdiction with lax regulatory oversight, place the cash in offshore banks and пїЅ again пїЅ access the illicit funds using credit or debit cards. Government Accountability Office, the Congressional watchdog of the United States, offered hypothetical money laundering scenarios using credit cards. They establish a bank account with a U.

While in another country, where their U. Money is deposited by one of their cohorts in the U. They receive cash from their clients which is transferred to designated beneficiaries against payment of a commission.

These businesses provide a valid and legitimate financial service. The industry is popular with many individuals who do not have real access to formal banking services and because money remitters often charge lower commission rates than banks for transferring money abroad.

Funds are often transferred to the least advanced regions of the world, where no formal banking services exist. This type of banking will be described in greater detail in the section on terrorist financing. Like banks, remittance services have been widely used for money laundering. The risks of laundering are not confined to the informal funds transfer networks; they may also apply to official networks like those of the government postal service.

The FATF report on money laundering typologies stated that the authorities of a Scandinavian country had noticed a steep increase in international money orders to the countries of the former Yugoslavia. In a FATF member country, the mail was reported to have been used to send packages containing large cash sums and drugs anonymously. The biggest misconception about this industry is that there is minimal oversight.

The scrutiny to which money remitters are subject can vary greatly, in large part due to the ease with which some money transmitters can set up their business and not be subject to any regulation.

This is why one of the most important aspects of due diligence for a bank when establishing a relationship with a money transmitter is to confirm that the customer is properly licensed.

Cash proceeds from criminal activities can also transit through the money exchange sector. The Counter often had a surplus of high denomination bank notes. The owner Peter knew these notes were not popular and, therefore, had them exchanged into smaller denomination notes at a nearby bank. The employees of the bank branch regarded the exchanges, which did not have any sound economic reason, as dubious and reported the transactions.

Peter had a record with the police related to fencing stolen property and dealing in drugs, and because of this he transferred ownership of The Counter to a new owner named Andre with no police record.

The financial intelligence unit consulted various police files and established that the police had been nother observing this exchange office for some time. The technique suspect transactions were passed on to the crime commonly used by squad in the town where The Counter had its office, money remitters and the crime squad started an investigation.

The records of The Counter to the criminal showed that many transactions were not recorded in organization at the official books and records. The investigation showed that The Counter and its owners were working with a group of drug traffickers, who used the exchange office to launder their proceeds, and this formed a substantial part of the turnover of the business. This case underscored the need for banks and large, legitimate bureaux de change to pay attention to their business relations with smaller bureaux, particularly when supplying or exchanging currency.

Insurance Companies In its typologies report, FATF experts submitted case examples that showed the vulnerabilities of the insurance sector to money laundering. The primary emphasis in the examples was on the investment aspect of life insurance policies. Most significant laundering and terrorist financing risks in the insurance industry are found in life insurance and annuities products. While many life insurance policies are generally structured to pay a certain sum upon the death of the insured, others have an investment value which can create a cash value if the policyholder wishes to cancel the policy.

Life insurance policies that have an investment feature, which can increase the death benefit as well as the cash value of the policy, are often referred to as whole life or permanent life. An annuity is an investment that ost significant provides a defined series of payments in the future laundering and terrorist in exchange for an up-front sum of money. Annuity financing risks in the contracts may allow criminals to exchange illicit insurance industry are funds for an immediate or deferred income stream, found in life insurance which usually arrives in the form of monthly and annuities products.

In both cases, a policyholder can place a large sum of money into a policy with the expectation that it will grow based on the underlying investment, which can be fixed or variable.

For example, in some jurisdictions, life insurance policies are viewed as an investment vehicle similar to securities. We will discuss the securities industry in the next section. In contrast to life insurance and annuities, policies for property insurance, casualty, title or health insurance typically do not offer investment features, cash build-ups, the option of transferring funds from one to another, or other means of hiding or moving money.

The customer can over- fund the policy and move funds into and out of the policy while paying early withdrawal penalties. When such funds are reimbursed by the insurance company by check, for example , the launderer has successfully obscured the link between the crime and the generated funds.

The bonds can be purchased from insurance companies and then redeemed prior to their full term at a discount. This process allows the money launderer to get an insurance check, which represents cleaned funds. However, as more insurance companies are subject to AML program requirements, this type of money laundering is more readily detected and reported. The launderer buys a policy with illicit money and then tells the insurance company that he has changed his mind and does not need the policy.

After paying a penalty, the launderer redeems the policy and receives a clean check from a respected insurer. Immigration and Customs Enforcement ICE in Miami learned that Colombian drug cartels were laundering large sums of money through the purchase of life insurance policies in Europe, the United States and offshore jurisdictions. The probe found that Colombian cartels, using a small number of insurance brokers, were buying investment-grade life insurance policies with cartel associates as beneficiaries.

The policies were purchased with drug proceeds sent to the insurance companies via wire transfers and checks by third parties around the globe.

The investigation revealed that the cartels were then cashing out these policies after short periods of time, despite the financial penalties invoked for early liquidation. It is an industry that runs by computer transfers and paper. Its use in the money laundering process is generally after launderers have disposed of their cash through other methods.

The illicit money laundered through the securities sector can be generated by illegal activities both from outside and from within the sector. For illegal funds originating outside the sector, securities transactions for the creation of legal entities may be used to conceal or obscure the source of these funds layering. In the case of illegal activities within the securities market itself пїЅ for example embezzlement, insider trading, securities fraud, market manipulation пїЅ the transactions or manipulations generate illegal funds that must then be laundered.

In both cases, the securities sector offers the launderer the potential for a double advantage: allowing him to launder illegal funds and to acquire additional profit from the related securities fraud. Money laundering can occur in the securities industry in customer accounts that are used only to hold funds and not for trading.

That allows launderers to avoid banking channels with more stringent money laundering controls. These transactions involve the entry of matching buys and sells in particular securities, which creates the illusion of trading.

Example Josh opens a securities account at two brokerage firms with money that he made through drug trafficking. In one account, he takes a long position for a Eurodollar futures contract and, in the other account, he takes a short position for a Eurodollar futures contract. Whatever the market does, the losses and profits will offset each other, and he can request the proceeds of his activity in the form of a check from a reputable brokerage firm.

This enables him to launder his money with minimal expenses, outside the costs of the transactions, without risking his principal, and, by using accounts at multiple firms, he decreases the likelihood of being detected. They are under constant management pressure to expand their client base and to manage more assets. A money launderer can potentially use this to his advantage by promising a large or steady commission stream.

Banks remain an important mechanism for the disposal of criminal proceeds. In this chapter, we described some special vulnerabilities for money laundering through banks and other depository institutions, such as electronic funds transfers, correspondent bank accounts, PTAs and private banking. The fact that other industries, such as car dealers, money remittance businesses, securities and insurance firms, have similar vulnerabilities to money laundering and criminal misuse provide ample evidence as to why they too have AML compliance program obligations.

High rollers, big profits, credit facilities and a variety of other factors combine to create a glittering amount of cash that flows from the house to the players and back. Where it is legally permitted, billions of dollars readily flow between the customer and casino. Casinos and other businesses associated with gambling, such as bookmaking, lotteries and horse racing, continue to be associated with money laundering because they provide a ready made excuse for recently acquired wealth with no apparent legitimate source.

The services offered by casinos will vary depending on the jurisdiction in which they are located and the measures taken in that jurisdiction to control money laundering. Money laundering through casinos generally occurs in the placement stage, i. Sample Decks: Exam Prep. Sample Decks: General Plant Access. Sample Decks: Money laundering.

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