Money laundering through money remittance ... - Council of Europe

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COUNCIL OF EUROPE – COUNTERING MONEY LAUNDERING AND FINANCING OF TERRORISM (MONEYVAL) The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism - MONEYVAL (formerly PC-R-EV) was established in 1997. At their meeting of 13 October 2010, the Committee of Ministers adopted the Resolution CM/Res(2010)12 on the Statute of the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL). This new statute elevates MONEYVAL as from 1 January 2011 to an independent monitoring mechanism within the Council of Europe answerable directly to the Committee of Ministers. The aim of MONEYVAL is to ensure that its member states have in place effective systems to counter money laundering and terrorist financing and comply with the relevant international standards in these fields. For more information about MONEYVAL, please visit the website: WWW.COE.INT/T/DGHL/MONITORING/MONEYVAL THE FINANCIAL ACTION TASK FORCE (FATF) The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. Recommendations issued by the FATF define criminal justice and regulatory measures that should be implemented to counter this problem. These Recommendations also include international co-operation and preventive measures to be taken by financial institutions and others such as casinos, real estate dealers, lawyers and accountants. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard. For more information about the FATF, please visit the website: WWW.FATF-GAFI.ORG © 2010 MONEYVAL and FATF/OECD. All rights reserved. Reproduction is authorised, provided the source is acknowledged, save where otherwise stated. For any use for commercial purposes, no part of this publication may be translated, reproduced or transmitted, in any form or by any means, electronic (CD-Rom, Internet, etc) or mechanical, including photocopying, recording or any information storage or retrieval system without prior permission in writing from the MONEYVAL Secretariat, Council of Europe (F-67075 Strasbourg or dghl.moneyval@coe.int). No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax +33 1 44 30 61 37 or e-mail: contact@fatf-gafi.org).
Money Laundering through Money Remittance and Currency Exchange Providers - 2010 TABLE OF CONTENTS ABBREVIATIONS .................................................................................................................................. 6 EXECUTIVE SUMMARY ...................................................................................................................... 7 INTRODUCTION .................................................................................................................................... 8 CHAPTER I –OVERVIEW OF MONEY REMITTANCE & CURRENCY EXCHANGE SECTORS .......................................................................................................... 11 1.1 General ............................................................................................................................... 11 1.2 The money remittance sector in MONEYVAL/FATF member States .............................. 11 1.3 The currency exchange sector in MONEYVAL/FATF member States ............................ 15 1.4 Licensing, supervision and sanctioning system of money remittance and currency exhange providers in MONEYVAL / FATF member States ............................................. 18 CHAPTER II - MONEY LAUNDERING METHODOLOGIES INVOLVING MONEY REMITTANCE AND CURRENCY EXCHANGE PROVIDERS ........................... 21 2.1 Customers .......................................................................................................................... 22 2.2 Owners and agents ............................................................................................................. 27 2.3 Most common predicate offences identified ...................................................................... 29 2.4 Informal money remittance services .................................................................................. 34 CHAPTER III - KEY FINDINGS............................................................................................. 36 4.1 Assessing ML/TF risks and threats within the MR/CE sector ........................................... 36 4.2 Additional measures to be considered at national and international level ......................... 38 CHAPTER IV – ISSUES FOR FURTHER CONSIDERATION ............................................. 40 5.1 Assessing ML/TF risks and threats within the MR/CE sector ........................................... 40 5.2 Additional measures to be considered at national and international level ......................... 42 ANNEX 1 – JURISDICTIONS PROVIDING INPUT TO THIS STUDY ............................................ 45 ANNEX 2 – LIST OF INDICATORS OF POTENTIAL MONEY LAUNDERING ACTIVITY ............................................................................................................................................. 46 1. Indicators for all money remitter and currency exchange (MR/CE) service providers ............................................................................................................................ 46 2. Indicators for CE service providers ................................................................................... 50 3. Indicators for MR providers .............................................................................................. 51 ANNEX 3 – TABLES : QUESTIONNAIRE RESULTS ..................................................................... 55 Table 1 - Overview of MR/CE service providers in jurisdictions contributing to this study ........................................................................................................................ 55 Table 2 - Overview of the MR/CE service providers in jurisdictions contributing to this study .................................................................................................................. 59 Table 3 - Regulatory framework of MR service providers in jurisdictions contributing to this study ......................................................................................... 61 Table 4 - AML/CTF supervision ........................................................................................... 63 © 2011 MONEYVAL and FATF/OECD - 3
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Money laundering through money remittance ... - Council of Europe

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