The Role Of Domestic Shell Companies In Financial Crime And Money Laundering
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The Role Of Domestic Shell Companies In Financial Crime And Money Laundering
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Author : Department of Department of the Treasury
language : en
Publisher: CreateSpace
Release Date : 2014-11-20
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering written by Department of Department of the Treasury and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-11-20 with categories.
By virtue of the ease of formation and the absence of ownership disclosure requirements, shell companies - generally defined as business entities without active business or significant assets - are an attractive vehicle for those seeking to launder money or conduct illicit activity. While business entities generally, and shell companies specifically, have legitimate commercial uses, this lack of transparency in the formation process poses vulnerabilities both domestically and internationally. The advantages of using these business entities for legitimate business purposes are in some senses outweighed by the potential for abuse presented by some entities, and by the risks to and potential deleterious effects on the financial system that result from lack of transparency regarding beneficial ownership. Although the focus of this paper is on limited liability companies, other business entities, including trusts, business trusts, and corporations, are also vulnerable to abuse. The intent is to demonstrate the nature of the vulnerabilities that limited liability companies present, provide examples of known abuses, and present some specific steps which can be taken to reduce the risk to the financial system while preserving the advantages of limited liability companies for legitimate business use. It is anticipated that attention will be given in the future to studying other business entities which are subject to abuse and illicit use as shell companies or to otherwise mask ownership for illicit purposes. This report does not attempt to address tax policy issues regarding shell companies. The vulnerabilities addressed are those that relate to the use of shell companies to facilitate money laundering and financial crime in general.
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering
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Author : Financial Crimes Financial Crimes Enforcement Network
language : en
Publisher: CreateSpace
Release Date : 2015-01-01
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering written by Financial Crimes Financial Crimes Enforcement Network and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-01-01 with categories.
By virtue of the case of formation and the absence of ownership disclosure requirements, shell companies-generally defined as business entities without active business or significant assets-are an attractive vehicle for those seeking to launder money or conduct illicit activity.
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering
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Author :
language : en
Publisher:
Release Date : 2006
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Banks and banking categories.
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering
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Author : Department of the Treasury Financial Crimes Enforcement Network
language : en
Publisher: CreateSpace
Release Date : 2014-10-31
The Role Of Domestic Shell Companies In Financial Crime And Money Laundering written by Department of the Treasury Financial Crimes Enforcement Network and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-10-31 with Law categories.
By the virtue of the ease of formation and absence of ownership disclosure requirements, shell companies generally defined as business entities without active business or significant assets are an attractive vehicle for those seeking to launder money or conduct illicit activity. While business entities generally, and shell companies specifically, have legitimate commercial uses, this lack of transparency in the formation process poses vulnerabilities both domestically and internationally.
The Flow Of Illicit Funds
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Author : Ola M. Tucker
language : en
Publisher: Georgetown University Press
Release Date : 2022
The Flow Of Illicit Funds written by Ola M. Tucker and has been published by Georgetown University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with Money laundering categories.
In The Flow of Illicit Funds, Ola M. Tucker uses recent case studies to provide compliance professionals with a holistic understanding of the modern money laundering system and to give them a foundation to better detect and deter it.
Money Laundering
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Author :
language : en
Publisher: Greenhaven Publishing LLC
Release Date : 2020-12-15
Money Laundering written by and has been published by Greenhaven Publishing LLC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-15 with Young Adult Nonfiction categories.
When one thinks of money laundering, the first thing that might come to mind is its connection to organized crime, with gangs and drug cartels hiding away large amounts of illegally obtained cash. However, many other groups and individuals also partake in money laundering, including white-collar criminals, terrorists, and even politicians. The viewpoints in this book examine what money laundering is and how it occurs, what domestic and international efforts are in place to fight it, and how technology both aids and complicates these efforts.
Offshore Financial Centres And The Law
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Author : Dominic Thomas-James
language : en
Publisher: Routledge
Release Date : 2021-07-15
Offshore Financial Centres And The Law written by Dominic Thomas-James and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-07-15 with Business & Economics categories.
This book considers the ability of island jurisdictions with financial centres to meet the expectations of the international community in addressing the threats posed to themselves and others by their innocent (or otherwise) facilitation of the receipt of suspect wealth. In the global financial architecture, British Overseas Territories are of material significance. Through their inalienable right to self-determination, many developed offshore financial centres to achieve sustainable economic development. Focusing on Bermuda, Turks and Caicos, and Anguilla, the book concerns suspect wealth emanating from financial crimes including corruption, money laundering and tax evasion, as well as controversial conduct like tax avoidance. This work considers the viability of international standards on suspect wealth in the context of the territories, how willing or able they are to comply with them, and how their financial centres can better prevent receipt of suspect wealth. While universalism is desirable in the modern approach to tackling suspect wealth, a one-size-fits-all approach is inappropriate for these jurisdictions. On critically evaluating their legislative and regulatory regimes, the book advances that they demonstrate willingness to comply with international standards. However, their abilities and levels of compliance vary. In acknowledging the facilitatively harmful role the territories can play, this work draws upon evidence of implication in transnational financial crime cases. Notwithstanding this, the book questions whether the degree of criticism that these offshore jurisdictions have encountered is warranted in light of apparent willingness to engage in the enactment and administration of internationally accepted laws and cooperate with international institutions.
Global Shell Games
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Author : Michael G. Findley
language : en
Publisher: Cambridge University Press
Release Date : 2014-01-23
Global Shell Games written by Michael G. Findley and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-01-23 with Law categories.
Every year a staggering number of corporate service providers mask perpetrators of terrorist financing, corruption and illegal arms trades, but the degree to which firms flout global identification standards remains unknown. This book sheds new light on the sordid world of anonymous shell corporations through a series of field experiments.
The Money Laundry
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Author : J. C. Sharman
language : en
Publisher: Cornell University Press
Release Date : 2011-10-15
The Money Laundry written by J. C. Sharman and has been published by Cornell University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-15 with Political Science categories.
A generation ago not a single country had laws to counter money laundering; now, more countries have standardized anti–money laundering (AML) policies than have armed forces. In The Money Laundry, J. C. Sharman investigates whether AML policy works, and why it has spread so rapidly to so many states with so little in common. Sharman asserts that there are few benefits to such policies but high costs, which fall especially heavily on poor countries. Sharman tests the effectiveness of AML laws by soliciting offers for just the kind of untraceable shell companies that are expressly forbidden by global standards. In practice these are readily available, and the author had no difficulty in buying the services of such companies. After dealing with providers in countries ranging from the Seychelles and Somalia to the United States and Britain, Sharman demonstrates that it is easier to form untraceable companies in large rich states than in small poor ones; the United States is the worst offender. Despite its ineffectiveness, AML policy has spread via three paths. The Financial Action Task Force, the key standard-setter and enforcer in this area, has successfully implemented a strategy of blacklisting to promote compliance. Publicly identified as noncompliant, targeted states suffered damage to their reputation. Subsequently, officials from poor countries became socialized within transnational policy networks. Finally, international banks began using the presence of AML policy as a proxy for general country risk. Developing states have responded by adopting this policy as a functionally useless but symbolically valuable way of reassuring powerful outsiders. Since the financial crisis of 2008, the G20 has used the successful methods of coercive policy diffusion pioneered in the AML realm as a model for other global governance initiatives.
Methods Of Money Laundering
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Author : Fabian Teichmann
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2021-10-08
Methods Of Money Laundering written by Fabian Teichmann and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-08 with Law categories.
How exactly is money laundered? The answer to this question is not well understood – and for this very reason, costly prevention measures remain ineffective. This much-needed book provides the first in-depth explanation of the methods used by intelligent criminals to amass wealth from large-scale trafficking in drugs, arms, and human beings, as well as from less odious crimes. The author shows clearly not only why existing approaches to combat money laundering are bound to fail but also how money launderers easily circumvent such measures. Based on qualitative interviews with both alleged criminals and prevention experts, detailed illustrations of concrete steps taken by intelligent and specialized perpetrators of money laundering allow practitioners to anticipate and effectively combat this type of crime. The author fully documents such aspects of money launderers’ behaviour as the following: resources required; dealing with detection risks; and international mobility. A central chapter covers in depth the various markets, institutions, and facilities that are particularly favourable to money laundering, and original insights accompany the presented findings with relevant quotations from the interviewees. The author offers tailored recommendations for different professional groups, including bankers, prosecutors, defence lawyers, and judges. In its critical questioning of the logic behind anti-money laundering regulations and their costly implementation, the book demonstrates that either the existing measures of prevention are drastically tightened and extended to almost all branches of the economy or the financial sector is relieved of the burden it bears and alternative ways of fighting this type of crime are sought instead. It will prove enormously valuable to understanding and investigating white-collar and financial crime, and be welcomed by practitioners and professionals in financial markets, banking, criminal lawyers, and compliance experts, as well as academia.
