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

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2010 - Money Laundering through Money Remittance and Currency Exchange Providers Post Offices 60 - © 2010 MONEYVAL and FATF/OECD Bureaux de change Banks Money transaction offices Travel agencies Hotels Other Macau, China x x x Malta x* x x x* x* Mexico x x x x x Moldova x x Monaco Banque Postale Netherlands x x x x x - Nigeria x x x x Peru x x x Poland x x x Romania x x x x x x San Marino x x Serbia x Slovakia x x x x Spain x x x Sweden x x x x x x “The Former Yugoslav Republic of Macedonia” Turkey x x x x x x x Ukraine x x x United Kingdom x x x x outlets (e.g., restaurants, general stores) United States x x x x x x * As agents of MR service providers. National MR providers International MR providers
Money Laundering through Money Remittance and Currency Exchange Providers - 2010 Table 3 - Regulatory framework of MR service providers in jurisdictions contributing to this study Country 30 Licensing/registration Licensing institution Authority responsible for registration Limited for the certain time period/needs updating? Albania NA Central bank NA Argentine NA NA NA Armenia Yes (licensing) NA No Austria None since there operate no independent money remittance service providers Bulgaria Yes (licensing)31 Bulgarian National Bank NA Chile 32 Yes (registering) FIU NA Croatia No NA Cyprus Yes (licensing) Central Bank NA Denmark Yes (registering) NA NA Estonia Yes (registering) Ministry of Economic Affairs and Communications Finland Yes (registering) State provincial Office of Southern Finland France Yes (licensing) French Banking Commission NA Georgia Yes (registering) Georgian Financial Supervisory Authority Germany Yes (licensing) BaFIN (Federal Financial Supervisory Authority) Greece Yes NA NA Hong Kong, China Yes (registering) FIU NA Italy Yes (registering) NA NA Japan None since there operate no independent money remittance service providers Latvia No** NA Liechtenstein NA NA 30 For European Union/ EEA members, please see the explanations provided under Section 1.3 regarding licensing requirements as set out in the EU Directives. 31 During the licensing process, Bulgarian National Bank (BNB) also enters the agents and branches of the money remitter to the register. Agents and branches may not commence operations prior to the registration thereof. BNB shall not register and, respectively, delete from the register any agents and branches of money remittance companies if the BNB determines that the persons who manage and represent the said agents and branches do not possess the required qualifications, professional experience or reliability. A company licensed to operate a money remittance business shall notify the BNB upon the discontinuance of the execution of money remittances by any agent or branch of the said company not later than seven days before the date of discontinuance of the operation. 32 No registration/licensing required at country level. No NA NA NA © 2011 MONEYVAL and FATF/OECD - 61
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Money laundering through money remittance ... - Council of Europe

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