FATF 40
Group III
TF and Financing of Proliferation
EU Directives
EU Countries
First Directive covered what
confined predicate offenses to money laundering to drug trafficking as defined in the 1988 Vienna Convention
What does it stand for?
...
MONEYVAL is for what purpose?
MONEYVAL was established by the Committee of Ministers of the Council of Europe to conduct self- and mutual-assessment exercises of the AML measures in place in Council of Europe member states
Group I
AML CFT Policies and Coordination
Private Banks
Wolfsberg
Second Directive vs. First Directive
It extended the scope of the First Directive beyond drug-related crimes. The definition of “criminal activity” was expanded to cover not just drug trafficking, but all serious crimes, including corruption and fraud against the financial interests of the European community. •
It explicitly brought bureaux de change and money remittance offices under AML coverage. •
It clarified that knowledge of criminal conduct can be inferred from objective factual circumstances. •
It provided a more precise definition of money laundering to include: — The conversion or transfer of property with knowledge that it is derived from criminal activity or from participation in that activity, for the purpose of concealing or disguising the illicit origin of the property, or assisting anyone who is involved in the commission of the activity to evade the legal consequences of his action.
Section 312 covers what?
Requires due diligence and, in certain situations, enhanced due diligence for foreign correspondent accounts (which includes virtually all account relationships that institutions can have with a foreign financial institution) and private banking for non-US persons.
CICAD deals with what primarily?
Drugs!
Group V
Transparency and Beneficial Ownership of Legal Persons and Arrangements
FIUs
Egmont
3rd vs. 2nd
Page 110
Section 319a covers what?
Forfeiture from US Correspondent Account
Secretariat of FATF is?
Organization for Economic Cooperation and Development
Group VII
International Cooperation
Countries/Terrories
FATF
4th vs. 3rd
Pg 111
Section 313 covers what?
Prohibition on correspondent accounts for foreign shell banks
NCCT is what?
Non-Cooperative Countries and Territories list
Group VI
I Powers and Responsibilities of Competent Authorities and Other Institutional Measures
Banking Supervisors
Basel
Are EU directives legally binding?
Yes!
In Section 319B, how long does a FI have to produce records once asked?
120 hours/5 days
EAG is for what geographical area?
EURASIAN GROUP ON COMBATING MONEY LAUNDERING AND FINANCING OF TERRORISM (EAG)