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

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2010 - Money Laundering through Money Remittance and Currency Exchange Providers 122. The MR/CE sector provides a service that meets significant and genuine economic needs, and its vulnerability to misuse for money laundering is closely linked to the effectiveness of AML/CFT preventive measures. As with other parts of the financial sector, it may take several years for the AML/CFT regime applicable to money remittance and currency exchange providers to evolve. Moreover, criminal networks often appear able to change their laundering methods more quickly than law enforcement authorities and supervisors can adapt their detection and enforcement capacities. Therefore it is inevitable that it frequently takes time for appropriate legislation to be drafted and agreed upon and still longer for legislation to be tested by the courts and proven to be effective. 123. It clear however that certain measures, if not properly adapted to the specific situation of country, could inadvertently drive the sector further underground, particularly in developing countries where the informal sector is commonly observed. From the regulatory and supervisory perspective, enhancing the level of requirements and controls, while certainly improving the capacity to prevent the misuse of legitimate entities, might in some cases increase the cost of compliance, thus creating greater incentives for marginal businesses to shift to the underground sector, which would then escape from monitoring. 44 - © 2010 MONEYVAL and FATF/OECD
Africa Egypt * Nigeria* Americas Argentina Belize* Chile Colombia * Costa Rica * Asia Hong Kong, China India * Indonesia * Japan Europe Albania Armenia Austria Bulgaria Croatia Cyprus Denmark Estonia Finland France Georgia Germany Middle East Qatar * Syria* United Arab Emirates * Money Laundering through Money Remittance and Currency Exchange Providers - 2010 ANNEX 1 – JURISDICTIONS PROVIDING INPUT TO THIS STUDY Guatemala* El Salvador* Honduras* Mexico Panama* Korea * Macau, China Malaysia * Greece Latvia Liechtenstein Lithuania Italy Malta Moldova Monaco Netherlands Poland Romania San Marino * Provided answers to the short version of questionnaire through the Egmont Group. Paraguay* Peru* St Vincent & the Grenadines* United States Philippines* Chinese Taipei * Thailand* Serbia Slovakia Spain Sweden “The former Yugoslav Republic of Macedonia” Turkey Ukraine United Kingdom European Commission © 2011 MONEYVAL and FATF/OECD - 45
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Money laundering through money remittance ... - Council of Europe

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