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MONEY LAUNDERING
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Money laundering is the illegal process of concealing the origins of money
obtained illegally by passing it through a complex sequence of banking
transfers or commercial transactions. The overall scheme of this process
returns the money to the launderer in an obscure and indirect way.
One problem of criminal activities is accounting for the proceeds without
raising the suspicion of law enforcement agencies. Considerable time and
effort may be put into strategies which enable the safe use of those proceeds
without raising unwanted suspicion. Implementing such strategies is generally
called money laundering. After money has been laundered, it can be used for
legitimate purposes.
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REPORTING PROBLEMS |
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Despite global regulation, the active role of FATF (The Financial Action Task Force) in setting standards and
promoting effective implemantation of legal and regulatory measurs for combatting money laundering
and terrorist financing, the disappointing reality is that banks, investment funds, laywers and accountants
put their own commercial interests before AML compliance :
- local regulations and laws are rarely enforced
- Financial Intelligence Units are under-resourced
- the amount of AML activity is prolific
- new methods of Money Laundering (e.g. Bitcoin) allow criminals to keep ahead of regulators
- recent secrecy laws (e.g. GDPR) are the money launderers' friend...
- law-enforcement lacks the reach and training to act effectively
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OUR EXPERIENCE |
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Intel Suisse has experience of discovering and filing Suspicious Activity Reports in a number of jurisdictions :
- we act as AML Reporting Officers for a number of global investment funds
- we have developed reporting channels for AML in a number of jurisdictions
- we have brought AML complaints against non-reporting lawyers, auditors, funds and companies
- we consider ourselves "ahead of the curve" in AML...
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