ANTI-MONEY LAUNDERING REGULATIONS: PROBLEMS AND PERSPECTIVES

McFORAN Desmond
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McFORAN Desmond: South-west university "Neofit Rilski"

Economics and Management, 2005, vol. 1, issue 3, 15-21

Abstract: This paper looks at the broad spectrum of the global problem of money-laundering and how international reaction to this phenomenon has resulted in strict regulations with which all banks must comply, by creating internal systems and procedures for compliance with anti-money laundering regulations. The fact that these regulations have been significantly widened to include accountants and lawyers, for example, makes us all – to a greater or to a lesser extent – subject to these regulations. How the European Union and the United States have responded is also discussed, as is the relationship between these regulations and Basel II.

Keywords: AML; enterprise; securities markets; correspondent bank; customer; shell banks; compliance. (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:neo:journl:v:1:y:2005:i:3:p:15-21

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