Naslov
The role of "Gatekeepers" in the System of Prevention of Money Laundering and Terrorist Financing - Facing the Fourth Directive

Autori
Cindori, Sonja

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, sažetak, znanstveni

Izvornik
International Journal of Arts and Sciences / Mathes, N., Bonnici J., Azzopardi, J., Allen, M. - Barcelona : UniversityPublications.net, 2014

Skup
International Conference for Academic Disciplines, International Journal of Arts and Sciences

Mjesto i datum
Barcelona, Španjolska, 16.06.2014. - 19.06.2014

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
money laundering; secret; advice; directive; non-financial sector

Sažetak
The variety of possibilities to convert illegal into apparently legal money suggests that money laundering is a complex activity. Without prejudice to the unbounded sophistication, inventiveness and imagination of money launderers in finding perfect way to launder money, preventive measures to this effect include the detection of cash and suspicious transactions through risk assessment, i.e. the application of a risk-based system. This raises the issues of implementation of the idea of money laundering prevention through customer due diligence and risk assessment, emphasizing the importance of suspicious transactions. Accordingly, the risk assessment system requires not only the assessment, but also classification of risks and their materialisation in the form of suspicious transactions. While suspicious transactions constitute the backbone of the risk, it is clear that there are no universally accepted methodologies to describe the nature and scope of such transactions. They appear through the identification and classification of the money laundering and terrorist financing risks, which results in the establishment of control mechanisms tailored to the detected risk. Illogical and suspicious transactions conducted by non-financial institutions take on a new role in the importance of the prevention of money laundering. Therefore, the international and domestic legislation is increasingly focused on professionals such as lawyers, auditors, notaries and tax advisers. In this environment, lawyers, as part of risky non financial sector, find their place in the legislation that slowly rounded complete and very complex system of money laundering and terrorist financing. Lawyers, as obliged entities of implementation actions of preventing money laundering and terrorist financing, have originally found its place in international legislation, primarily the EU Directives and Recommendations of the FATF. The introduction of lawyers, tax advisors, notaries, accountants and auditors in the complex system of prevention of money laundering is justified and logical as it weighs rounding preventive measures in an integrated system, including non-financial sector. However, the practice still indicates a very weak response attorneys reporting of suspicious transactions, especially notification requested advice on money laundering.

Izvorni jezik
Engleski

Znanstvena područja
Pravo

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